Judul : Cracker Barrel's Struggling Leader Spared by Investors Amid Rebrand Crisis
link : Cracker Barrel's Struggling Leader Spared by Investors Amid Rebrand Crisis
Cracker Barrel's Struggling Leader Spared by Investors Amid Rebrand Crisis
Shareholders of Cracker Barrel decided to retain the company's controversial CEO following a poorly executed brand transformation.
During a binding vote on Thursday, approximately 75 percent of the votes cast supported keeping CEO Julie Felss Masino on the board, as per initial results.
However, board member Gilbert Dávila, a seasoned marketing and diversity specialist, was unable to obtain the necessary backing and has resigned, according to the company.
Both Masino and Dávila had faced pressure from activist investors after a contentious logo update and dining area renovations led to a heated political debate during the summer.
According to Cracker Barrel's regulations, board members need to secure a majority — over 50 percent — of the votes cast in order to remain in their positions.
Approximately 60 percent of voters opposed Dávila, according to Cracker Barrel on Thursday — a significant difference from last year, when both he and Masino garnered around 98 percent approval.
Masino, who joined in 2023 following positions at Taco Bell and other consumer companies, was given the responsibility of revitalizing Cracker Barrel, increasing revenue, and drawing in a younger demographic.
She reduced the company's dividend to release hundreds of millions of dollars for restaurant renovations, brand modernization, technological upgrades, and enhanced maintenance.
The vote on Thursday followed several months of damage management.
The chain came under heavy criticism for its logo update and overall rebranding effort. In August, Cracker Barrel removed its long-standing 'old timer' logo figure to streamline its branding but later brought him back.in response to criticism from customers and conservatives, including President Trump.
The firm also halted store renovations, reorganized its leadership, and pledged to revert to traditional cooking techniques for numerous menu items.
Traffic decreased by 8 percent following the logo update, and Cracker Barrelanticipates that sales will remain under strain in the coming period.
Also in August, the co-founder of Cracker Barrelgave a harsh criticism of the eateryCEO of the chain following the poorly executed rebranding.
Tommy Lowe, 93, claimed Masino did not understand the essence of Cracker Barrel, citing her prior experience at Taco Bell.
"They're attempting to modernize to match their rivals. Cracker Barrel has no competition," Low, who co-founded Cracker Barrel with the late Dan Evins in Lebanon,Tennessee in 1969, told WTVF.
I heard she was at Taco Bell. What does Taco Bell know about Cracker Barrel and traditional cuisine? They should focus on improving their food and service and leave the barrel and the logo untouched.
The criticism comes after Cracker Barrel abandoned its disputed new emblemamidst a wave of anger. The new design eliminated the famous 'Old Timer' character — an elderly man resting beside a barrel — with just the chain's name remaining in a contemporary typeface.
Lowe entered the situation as Masino, who makes $6.68 million annually in pay and incentives, was seen departing her residence in a wealthy Nashville area.
When approached by Fox News Digital, Masino — who assumed leadership of the 650-store Southern comfort food chain in 2023 — declined to respond to inquiries
She swiftly entered her Mercedes-Benz, accompanied by security in a separate car, and headed to a nearby Starbucks for a coffee.
Read more- Is the CEO of Cracker Barrel putting the cherished Southern style of the brand at risk following a disputed logo update and redesign of the inside?
- Can the management of Cracker Barrel endure the negative reaction caused by their problematic rebranding mishap?
- Has Cracker Barrel's daring brand transformation led to a significant loss in stock value, causing outrage among its devoted customers?
- Was a poorly received redesign damage Cracker Barrel's cherished memories, causing anger even from its 93-year-old founder?
- What led to a $100 million drop in market value following Cracker Barrel's contentious logo update?
Demikianlah Artikel Cracker Barrel's Struggling Leader Spared by Investors Amid Rebrand Crisis
Anda sekarang membaca artikel Cracker Barrel's Struggling Leader Spared by Investors Amid Rebrand Crisis dengan alamat link https://www.arablionz.pro/2025/11/cracker-barrels-struggling-leader.html
0 Response to "Cracker Barrel's Struggling Leader Spared by Investors Amid Rebrand Crisis"
Posting Komentar