Cracker Barrel Old Country Store (NASDAQ:CBRL) said on Monday that David Deno will become its next chief executive, succeeding Julie Masino, sending shares of the restaurant chain down nearly 5% in morning trading.
Masino will step down as CEO and director but will stay on in an advisory capacity through October, the company said.
"Following a robust and thoughtful search process, we are pleased to welcome David as Cracker Barrel's next CEO," said Carl Berquist, independent chairman of the company's board. "He brings decades of experience across the restaurant and retail industries, with a strong track record of leading businesses through growth and a demonstrated commitment to operational excellence, guest experience, and team member engagement."
Deno said he was "honored to lead the Cracker Barrel team" and pointed to the brand's "unique combination of warm country hospitality, timeless appeal, and deep connection with guests across generations."
The leadership change comes about a year after Cracker Barrel completed a $700 million rebranding effort that modernized some of its restaurants and culminated with a new logo. The redesign dropped the company's longtime "Old Timer" figure leaning on a barrel in favor of a simplified design featuring only the company name.
The new look drew criticism from prominent conservative figures, who accused the Tennessee-based chain of abandoning a nostalgic symbol. President Donald Trump wrote on Truth Social that Cracker Barrel should "go back to the old logo, admit a mistake based on customer response," while the White House posted on social media platform X that the company should "go woke, go broke."
Cracker Barrel reversed course last August, reinstating its previous logo.