Cracker Barrel Old Country Store Inc. traders cheered Tuesday, after the Tennessee-based household restaurant chain’s introduced that it was making a management change.
The firm
CBRL,
mentioned earlier than the open that Chief Executive Officer Sandra Cochran will probably be stepping down after 12 years in cost. She will probably be succeeded as CEO by Julie Felss Masino, efficient Nov. 1 after a transition interval.
At that point, Cochran will develop into government chair of the corporate’s board of administrators by way of September 2024.
The inventory jumped 5.2% to six-week closing excessive of $97.48. It has now bounced 7.8% since closing at an 11-month low of $90.46 on June 23.
“Today’s announcement represents the culmination of a multi-year CEO succession-planning process by our Board of Directors and Sandy, and we are thrilled to welcome Julie to the head of the Cracker Barrel table,” mentioned present Chairman William McCarten.
The CEO transition announcement comes a month after Cracker Barrel confronted a backlash over the way it celebrated Pride Month, with its marketing campaign, “Bringing the Front Porch to Pride.”
Also learn: ‘Cracker Barrel has fallen’: Southern restaurant chain is newest to get criticized for inclusion marketing campaign.
The firm additionally reported in early June fiscal third-quarter revenue, income and same-store gross sales that missed expectations, citing declines in informal eating site visitors that occurred towards the top of the quarter.
Incoming CEO Masino has spent the final 5 1/2 years at Yum Brands Inc.’s
YUM,
Taco Bell fast-food restaurant chain, the place she was most not too long ago president of worldwide.
Cracker Barrel shares have shed 9.6% over the previous three months, whereas the S&P 500 index
SPX,
has gained 9.6%.
Source web site: www.marketwatch.com
