Cracker Barrel (NASDAQ:CBRL) Old Country Store, Inc. (NASDAQ: CBRL) announced a significant change in its executive leadership structure, effective February 22, 2024. The company's Executive Chair and former President and Chief Executive Officer, Sandra B. Cochran, mutually agreed with Cracker Barrel to terminate her Employment Agreement early and to bring forward her retirement date, which was originally set in a contract dated July 17, 2023.
In conjunction with Ms. Cochran's departure, she also resigned from the Board of Directors. The Board has appointed Carl T. Berquist, who previously served as Lead Independent Director, to step in as the new independent Chairman of the Board. This transition also includes a reduction in the size of the Board from eleven to ten members. These changes are in line with the organization's Second Amended and Restated Bylaws and Amended and Restated Charter.
The Board's unanimous decision to approve the early termination of Ms. Cochran's Employment Agreement and to accelerate her retirement was based on its assessment that she had achieved all the substantive goals set out for her transition period. These accomplishments include the successful onboarding and mentoring of Julie Masino, her successor in the roles of President and CEO, as well as Ms. Cochran's contributions to the Board's transition, succession planning, and director recruitment since she took on the Executive Chair position on November 1, 2023.
The information provided in this article is based on a press release statement.
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