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

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

Becky Robertson

Tue, July 28, 2026 at 10:10 PM GMT+3 4 min read

• CBRL +5.09%

One of America's most quintessential brand's recent fall from grace is serving as a stark lesson on how modernization isn't always the best path forward, as sometimes, people just want to indulge in the classics.

Cracker Barrel has been keeping old-timey southern hospitality alive since 1969, with each of its nearly 660 locations outfitted as mini museums of authentically antique kitschy Americana. That is, until last year, when the company kicked off a massive overhaul under a new CEO who recently stepped down following some ensuing chaos, The New York Times reports.

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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.

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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.

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This article originally appeared on Moneywise.com under the title: Cracker Barrel CEO erased the 'Old Timer' and cost the chain nearly $100M. Now she's out — with a $4.6M exit package

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