Cracker Barrel CEO Julie Masino seemed to be making progress undoing damage from the firestorm that followed the restaurant’s decision last year to redesign its folksy logo. Financial performance had improved in recent quarters, and the stock had doubled this year.
So Wall Street was stumped when the company announced on Monday that she was stepping down next month to be replaced by a veteran restaurant industry executive, David Deno, former CEO of Outback Steakhouse owner Bloomin’ Brands. Cracker Barrel shares fell 6% on the news before paring some of those losses.
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