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Cracker Barrel announced Monday that CEO Julie Masino will step down effective Aug. 10 and be replaced by David Deno, who previously served as CEO of Bloomin' Brands, the parent company of Outback Steakhouse. Masino will remain in an advisory capacity until Oct. 9.

Cracker Barrel announced Monday that CEO Julie Masino will step down effective Aug. 10 and be replaced by David Deno, who previously served as CEO of Bloomin' Brands, the parent company of Outback Steakhouse. Masino will remain in an advisory capacity until Oct. 9.

Deno has also held executive roles at Best Buy and Yum Brands, the parent company of KFC and Taco Bell. He will join Cracker Barrel's board of directors and is set to receive a base salary of $1 million, along with an annual bonus and company equity.

Deno has also held executive roles at Best Buy and Yum Brands, the parent company of KFC and Taco Bell. He will join Cracker Barrel's board of directors and is set to receive a base salary of $1 million, along with an annual bonus and company equity.

Masino is set to receive more than $4.6 million in severance pay, according to a regulatory filing. Cracker Barrel shares fell roughly 5% in morning trading Monday following the leadership announcement.

Masino is set to receive more than $4.6 million in severance pay, according to a regulatory filing. Cracker Barrel shares fell roughly 5% in morning trading Monday following the leadership announcement.

The leadership change follows a rebrand launched last August as part of a $700 million overhaul across more than 660 restaurants, which included a simplified logo dropping the chain's longtime "Old Timer" illustration, brighter interiors and decluttered dining rooms. Cracker Barrel reversed the changes within days amid customer backlash.

The leadership change follows a rebrand launched last August as part of a $700 million overhaul across more than 660 restaurants, which included a simplified logo dropping the chain's longtime "Old Timer" illustration, brighter interiors and decluttered dining rooms. Cracker Barrel reversed the changes within days amid customer backlash.

Same-store sales for Cracker Barrel fell 2.6% in the three months ending May 1 compared with a year earlier, and foot traffic declined 6.7%. Overall revenue dropped nearly 3% during the quarter, to $797.4 million.

Same-store sales for Cracker Barrel fell 2.6% in the three months ending May 1 compared with a year earlier, and foot traffic declined 6.7%. Overall revenue dropped nearly 3% during the quarter, to $797.4 million.

Cracker Barrel's stock had fallen more than 20% compared with a year ago before recovering, rising roughly 89% since the start of the year. Last week, the company sold its Maple Street Biscuit Company brand and completed a sale-leaseback on 26 properties to pay down about $77 million of debt.

Cracker Barrel's stock had fallen more than 20% compared with a year ago before recovering, rising roughly 89% since the start of the year. Last week, the company sold its Maple Street Biscuit Company brand and completed a sale-leaseback on 26 properties to pay down about $77 million of debt.

Cracker Barrel CEO behind new logo controversy steps down

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