Cracker Barrel Old Country Store (NASDAQ:CBRL) shareholders have shown strong support for CEO Julie Felss Masino after a controversial logo redesign earlier this year sparked public outcry and calls for leadership changes.
Preliminary results from the company’s annual meeting held on Thursday indicated that investors elected nine of 10 board nominees, including Masino.
Independent director Gilbert Dávila, who had overseen marketing and diversity initiatives on the board, resigned, reducing the board’s size to nine.
“We thank our shareholders for their strong show of support today, electing nine of ten of the company's recommended director nominees, including the CEO, Julie Masino, and voting for every other proposal we put forth,” the company said in a statement.
“We are more focused than ever on delivering high-quality food and experiences to our guests while staying true to the heritage that makes Cracker Barrel so special, ensuring we are here to welcome families around our table for generations to come.”
Masino, who became CEO in 2023, led a rebranding effort earlier this year that simplified the chain’s logo, removing its longtime mascot and the phrase “Old Country Store.”
The redesign, intended to modernize the brand, drew criticism for straying from Cracker Barrel’s rustic, Americana identity. In response to customer backlash, the company reverted to its original logo and paused its remodeling initiatives.
Shares of Cracker Barrel trade down 3.9% at $26 in the early afternoon on Thursday, down 50% in the year to date.