Cracker Barrel announced Monday that CEO Julie Masino will step down effective Aug. 10 and be replaced by David Deno.

Masino will remain with the company in an advisory capacity until Oct. 9.

"Following a robust and thoughtful search process, we are pleased to welcome David as Cracker Barrel's next CEO," Carl Berquist, independent chairman of the Cracker Barrel board, said in a statement. "He brings decades of experience across the restaurant and retail industries, with a strong track record of leading businesses through growth and a demonstrated commitment to operational excellence, guest experience, and team member engagement."

"We are confident David is the right leader to continue building on the Cracker Barrel legacy, drive further positive momentum operationally and financially, and create sustainable value for our shareholders," Berquist continued.

Berquist also thanked Masino for "her leadership and commitment to Cracker Barrel," adding that the company appreciates "her partnership to ensure a smooth leadership transition as we remain focused on the work underway to continue to serve our guests, support our employees, and execute our strategic priorities."

Cracker Barrel's announcement of the leadership change also included a statement from Deno, who described the chain as a "truly iconic American brand, defined by its unique combination of warm country hospitality, timeless appeal, and deep connection with guests across generations."

Deno added that he looks forward to "unlocking the full potential of this remarkable brand," including a focus on "delivering delicious food and exceptional experiences for our guests, while driving profitable growth."

Masino's departure follows an attempt to rebrand Cracker Barrel that sparked controversy last summer. The changes included removing the "old timer" from the company's logo, as well as adjusting the interior layout of restaurants that have long included a general store.

The rebrand was part of a $700 million overhaul across the company's more than 660 restaurants, which also included a revamped menu and decluttered dining rooms.

Cracker Barrel reversed course on the rebranding push less than a week after the backlash began, with Masino saying the effort missed the mark and stemmed from an attempt to improve the guest experience at its locations.

The leadership change comes as the chain continues to navigate investor scrutiny over its turnaround efforts and softer results. The company's earnings came in below expectations in December, with Masino acknowledging at the time that there were "unique and ongoing headwinds" and that the company had more work to do to regain the trust and confidence of its customer base.

The sales slump continued into the new year, with the March 2026 earnings release also showing a decline in quarterly revenue and profits from the prior year, though the results topped Wall Street's expectations.

Masino said on the March earnings call that Cracker Barrel was gaining traction and that leaders were "encouraged by some important guest metrics and green shoots around traffic, and we're energized in terms of driving improved performance."

Last week, Cracker Barrel announced steps to cut debt and improve profits that involved selling some of its restaurant properties and exiting its Maple Street Biscuit Company business. It sold the Maple Street brand and 35 of its locations to Biscuit Belly LLC, while closing the remaining 16 Maple Street restaurants.

The company also completed a sale-leaseback transaction involving 26 company-owned locations, which generated about $77 million in net proceeds that it planned to use to pay down debt, while continuing to operate the restaurants by leasing the properties from the new owner.

Cracker Barrel's stock is down a little over 20% compared with this time a year ago, before the rebranding controversy drove its stock below $30 a share. However, it has risen about 89% since the start of the year.

Shares were down around 5.6% as of late Monday morning.

FOX Business' Sophia Compton contributed to this report.