Cracker Barrel (CBRL) CEO Transition Amid Sales Decline

Cracker Barrel (CBRL) announced the resignation of CEO Julie Masino, effective next month, while David Deno will take over as CEO on August 10. Masino will stay with the company in an advisory role until October 9. The leadership change comes almost a year after a rebranding effort resulted in a customer backlash, leading to a 1.8% decline in same-store sales in the fiscal third quarter ending May 1. The company's stock fell 4% in morning trading on the announcement, raising concerns about ongoing performance.