Good morning. Phil Wahba writing from New York. When Cracker Barrel announced last week that its CEO Julie Masino would depart a year after a logo redesign sparked a culture war, many were puzzled by her replacement: a 69-year-old retired CEO.
To be sure, Dave Deno has ample restaurant industry experience. He stepped down as CEO of Outback Steakhouse owner Bloomin’ Brands in 2024 after a so-so five-year tenure and also had stints at Pizza Hut and Yum Brands. But not everyone was convinced a 69-year-old retiree was the right fit. Some analysts wondered if he could attract the younger clientele Cracker Barrel desperately needs or usher in transformative change. One analyst suggested that his selection was Cracker Barrel’s attempt to mollify Wall Street with “a steady hand” while it looked for longer-term solutions.
Cracker Barrel is not alone in choosing a former CEO who’d recently hung it up. Verizon and Boeing have tapped retired CEOs to fill their corner offices, naming Dan Schulman and Kelly Ortberg, respectively. (The appeal of former executives isn’t limited to CEOs: incoming Apple chief John Ternus coaxed his trusted former lieutenant, hardware executive Laura Legros, out of retirement to serve on his management team.)
