When Cracker Barrel unveiled a sleek new logo this August scrubbing the beloved “Old Timer” icon from its branding it wasn’t just nostalgic fans who cried foul. The chain’s own co-founder went on the record expressing concerns the chain had lost its way under CEO Julie Felss Masino.
Masino, who took the helm in 2023 after executive stints at Taco Bell and Starbucks, had promised to reinvent the 55-year-old brand for a new generation. But her $700 million transformation strategy — including a logo redesign that stripped away the chain’s beloved “Old Timer” icon — has been branded an expensive misstep.
At 93, Tommy Lowe didn’t mince words, calling the chain’s logo redesign “pitiful” and accusing leadership of “throwing money out the window” in an interview with local outlet WTVF. Lowe, who helped open the first Cracker Barrel in Tennessee back in 1969, warned that the chain risks losing the very identity that made it beloved: “If they don’t get back to keeping it country, then it ain’t gonna work.”
The controversy began in August when the company revealed a new logo that scrubbed its “Old Timer” visual. The backlash was immediate. Investors, fans and even President Donald Trump slammed the move. The stock slumped, and within a week the board reversed course. But Lowe argued the problem wasn’t just cosmetic.
“They need to work on the food and service, and leave the barrel — the logo — alone,” he said. “Spending $700 million doing that is throwing money out the window.”
He criticized new leadership’s fast‑food background and questioned what Taco Bell could possibly know about country hospitality, a pointed jab at current CEO Julie Felss Masino and her modernization vision.
Investors have been losing patience for years. Cracker Barrel shares have plummeted nearly 70% over the past five years, with the stock falling from highs above $180 in 2018-2019 to around $60 today. While competitors in the casual dining space have thrived — with Darden Restaurants and Texas Roadhouse delivering strong returns over the same period — Cracker Barrel shareholders have watched their investment crumble.
Their pain was compounded by a dividend cut in May 2024, when Cracker Barrel slashed its quarterly payout by 80%: from $1.30 to $0.25 per share. That’s in stark contrast to the company’s historical 9% yield.
The logo misfire seems to have deepened investor frustration. Shares dropped as much as 15% after the August reveal, before bouncing back roughly 8% once the board reversed course. But the whiplash underscored a bigger problem: confidence in leadership is eroding, and Wall Street is skeptical that expensive remodels will fix the chain’s underlying traffic declines.
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Lowe’s criticism carried extra weight because it echoed long-standing concerns from activist shareholder Sardar Biglari, who owns nearly 9% of the company.
Biglari has argued for years that the chain should focus on food and service instead of costly makeovers. In a 2024 letter to shareholders, he called the modernization plan an “obvious folly.” When the logo rollout flopped, his guidance ended up looking like fortune-telling.
He even poked fun at the reversal through his Steak ’n Shake brand, selling novelty caps that read: “Biglari Was Right About Cracker Barrel.”
For CEO Julie Felss Masino, who now takes home around $7 million a year, this isn’t just a branding setback: it’s a crucible moment for her leadership.
Cracker Barrel’s financial backdrop is worrying: a near 70% drop in share price over five years, an unpopular 80% dividend cut in 2024, and stock tumbling as much as 15% after the logo redesign sparked backlash. Though shares recovered by a bit by her backpedaling, the whiplash will likely erode investor confidence even further.
This kind of volatility has put retail analysts on edge, especially given Cracker Barrel’s exposure to a shrinking core demographic and leadership’s bet on brand redesigns to drive traffic. Masino now faces the difficult task of reconciling short-term investor pain with longer-term strategic reinvestments — all while staying true to the heritage that customers and co-founder alike clearly value.
The logo flop may have been swiftly reversed, but the cost could be lasting. Leadership is left with a shaken brand, a shaken stock, and a CEO put to the test on her ability to balance change with tradition.
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