Cracker Barrel to pay Julie Felss Masino’s's security costs, exit fees: reports
Cracker Barrel is providing outgoing CEO Julie Felss Masino with ongoing security services and a $4.6 million exit package following a failed rebranding effort. The company is simultaneously preparing for incoming CEO David Deno with a significant compensation and relocation package.
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The report highlights corporate governance concerns regarding executive compensation and the high costs associated with failed strategic pivots in the retail sector.
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Add The New York Post on Google Cracker Barrel plans to cover outgoing CEO Julie Felss Masino’s security costs and pay her millions in exit fees following the chain’s disastrous rebrand attempt last year, according to reports.
The Southern dining chain will continue paying an unspecified amount for Masino’s protection for as long as the board deems it “reasonably necessary” after she leaves the company in October, according to a regulatory filing reported by Bloomberg .
Masino – who is set to step down as CEO on Aug. 10 and stay on in an advisory capacity through the fall – will also receive $4.6 million in exit payments over two years, according to filings obtained by the Wall Street Journal .
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