Cracker Barrel Taps Bloomin' Brands Veteran David Deno as CEO; Shares Fall

Cracker Barrel Old Country Store (NASDAQ:CBRL) announced Monday that it has appointed restaurant industry veteran David Deno as its next Chief Executive Officer, a move that sent its shares down 3% in trading.

The leadership change follows a turbulent period for the company marked by strategic debates and a significant decline in its stock value.

Leadership Transition

David Deno will assume the role of CEO and join the Board of Directors effective August 10, according to the company's statement. He succeeds Julie Masino, who will step down from her positions as CEO and a board member on the same date.

Masino, whose tenure lasted approximately three years, will remain with Cracker Barrel in an advisory capacity through October 9 to ensure a smooth transition. Independent Chairman Carl Berquist stated that Deno was selected after a comprehensive search, praising his "track record of operational excellence and guest experience focus."

Context of the Change

The transition comes after a challenging chapter for the restaurant chain. Under Masino's leadership, Cracker Barrel faced public criticism over modernization efforts, including changes to its logo and restaurant remodels. The company also became the target of activist investor Sardar Biglari, who initiated a proxy battle to oust Masino.

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Although shareholders ultimately voted to retain her in November, the company's stock has lost more than half its value during the recent period of controversy. The shares had, however, begun a modest recovery prior to the latest announcement.

Incoming CEO's Background

Deno brings more than four decades of experience in the restaurant and retail sectors. His most recent role was as CEO of Bloomin' Brands (NASDAQ:BLMN) from 2019 to 2024. His career highlights include:

• Executive Vice President & CFO at Bloomin' Brands from 2012 to 2019, where he led the company through its initial public offering.
• President of Asia and CFO of the International Division at Best Buy.
• 15 years in senior operational and financial roles at Yum! Brands (NYSE:YUM) and Pizza Hut, including Chief Financial Officer and Chief Operating Officer.

Deno also currently serves on the boards of Krispy Kreme and Panera Brands.