Cracker Barrel's CEO erased the 'Old Timer' and cost the chain nearly $100M in market value. Now she's out — with a reported $4.6M exit package

Julie Masino, who took over as chief executive officer in 2023, stirred up some career-damaging controversy when she debuted a new logo, menu and overall look for the beloved restaurant chain last summer. Presumably, Masino was just taking a cue from the countless other brands that evolved with the times, revitalizing to remain relevant and attract new audiences.

But, unfortunately, the power of nostalgia in an increasingly streamlined world is strong, especially when it comes to things as woven into the fabric of American identity as Cracker Barrel.

Stock takes a hit

Following swift and passionate online outcry over the chain’s more sanitized new aesthetic — which removed the Old Timer character and the barrel itself from the logo, a move one called “trying to appeal to everyone and satisfying no one” — Cracker Barrel’s stock took a nosedive, dropping 12%, the equivalent of $94 million, in a single day.

This loss is in addition to the cost of the revamp, which the corporation invested $700 million to bring to fruition. Now, Masino is no longer running the company, as announced in a July 27 press release that named David Deno, formerly of Bloomin’ Brands, as her successor.

Fittingly, the notice quoted Deno paying homage to Cracker Barrel’s “truly iconic” status, which he said is “defined by its unique combination of warm country hospitality, timeless appeal and deep connection with guests across generations” — things that the executive team will, if it has learned anything, keep in tact.

Masino’s $4.6 million severance package

Masino, who deserves kudos for trying something new in an attempt to revive the Cracker Barrel name amid flatlining sales (even if it didn’t work out), will remain on staff “in an advisory capacity” until October 9. She is also getting a $4.6 million severance package, according to a regulatory filing unearthed by the New York Times, despite her very expensive miscalculation.

For what it’s worth, the rebranding backlash did earn the chain a ton of press, which could serve it well now that it’s back to bearing its original logo, which was reinstated just days after the new one was floated. Some even posit that the whole thing may have been a PR stunt.