Cracker Barrel CEO Julie Masino to get $4.6M severance after exit
Cracker Barrel CEO Julie Masino is stepping down following a failed rebranding effort that negatively impacted sales. She will receive $4.63 million in severance and transition pay, with David Deno named as her successor.
Why it matters
This highlights the high cost of executive turnover and the risks associated with major corporate rebranding strategies in the restaurant industry.
Cracker Barrel is set to pay outgoing CEO Julie Masino several million dollars in severance pay after her departure from the company, while also covering security costs for a period of time. The restaurant chain announced on Monday that Masino would step down as CEO on Aug. 10 and will remain with the company in an advisory role until Oct. 9. David Deno will replace her as CEO. The company disclosed in a transition agreement filed with the Securities and Exchange Commission (SEC) that Masino will receive $4.63 million over the two years following the end of her employment at Cracker Barrel. The filing also indicated that Cracker Barrel will continue to pay for Masino's protective services for a "reasonable period of time" after the end of her advisory role with the company.
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