Cracker Barrel is set to pay outgoing CEO Julie Masino several million dollars in severance after her departure from the company, while also covering security costs for a period of time.

The restaurant chain announced Monday that Masino will step down as CEO on Aug. 10 and remain with the company in an advisory role until Oct. 9. David Deno will replace her as CEO.

In a transition agreement filed with the Securities and Exchange Commission (SEC), the company said Masino will receive $4.63 million over the two years following the end of her employment at Cracker Barrel.

The filing also said 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.

Masino's departure comes after an unsuccessful attempt to rebrand the restaurant chain last year sparked backlash from customers and affected sales. The company had framed the overhaul as a broader effort to modernize the brand, but the reaction highlighted the risk restaurant chains face when changing familiar design elements that are closely tied to customer identity and expectations.

Among the changes pursued before the reversal was the removal of the "old timer" from the company's logo, along with adjustments to 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 660-plus restaurants, which also included a revamped menu and decluttered dining rooms.

In the company's leadership transition announcement, Carl Berquist, the independent chairman of the Cracker Barrel board, thanked Masino for "her leadership and commitment to Cracker Barrel."

Berquist added 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 also included a statement from Deno, who said the chain is a "truly iconic American brand, defined by its unique combination of warm country hospitality, timeless appeal, and deep connection with guests across generations."

Masino's departure and Deno's appointment come as the company is still struggling to restore traffic to pre-rebrand levels. That makes the leadership change a closely watched step in Cracker Barrel's effort to steady operations while it continues the same broad strategic work under new management.

In its third-quarter earnings report last month, the company said traffic was improving relative to the recent trend but remained below year-ago levels.

Cracker Barrel CFO Craig Pommells said comparable store sales decreased 2.6%, while traffic fell 6.7%. He added, "Although traffic remained negative, we are encouraged by the gradual improvement in the underlying trend."