Cracker Barrel Reports Executive Changes and Compensation Arrangements
Ticker: CBRL · Form: 8-K · Filed: Feb 23, 2024 · CIK: 1067294
| Field | Detail |
|---|---|
| Company | Cracker Barrel Old Country Store, INC (CBRL) |
| Form Type | 8-K |
| Filed Date | Feb 23, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-changes, compensation, corporate-governance
TL;DR
**Cracker Barrel just filed an 8-K about executive changes and compensation, keep an eye on leadership moves!**
AI Summary
Cracker Barrel Old Country Store, Inc. filed an 8-K on February 23, 2024, reporting an event on February 22, 2024, concerning the departure or election of directors or officers and compensatory arrangements. The filing indicates changes in leadership or executive compensation, which are standard disclosures for public companies. The company's business address is 305 Hartmann Drive, Lebanon, Tennessee 37087.
Why It Matters
Changes in executive leadership and compensation can signal strategic shifts or financial health, impacting investor confidence and future company performance.
Risk Assessment
Risk Level: low — This 8-K is a routine disclosure about executive changes and compensation, not indicating immediate financial distress or major operational risks.
Key Players & Entities
- CRACKER BARREL OLD COUNTRY STORE, INC. (company) — Registrant
- February 22, 2024 (date) — Date of earliest event reported
- February 23, 2024 (date) — Filed as of date
- Tennessee (location) — State of Incorporation
- 001-25225 (other) — Commission File Number
FAQ
What is the purpose of this 8-K filing by Cracker Barrel?
This 8-K filing reports on the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers' as per Item 5.02.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 22, 2024.
What is the full legal name of the registrant?
The exact name of the registrant as specified in its charter is CRACKER BARREL OLD COUNTRY STORE, INC.
Where is Cracker Barrel Old Country Store, Inc.'s principal executive office located?
The principal executive office of Cracker Barrel Old Country Store, Inc. is located at 305 Hartmann Drive, Lebanon, Tennessee 37087.
What is Cracker Barrel's Commission File Number?
Cracker Barrel Old Country Store, Inc.'s Commission File Number is 001-25225.
Filing Stats: 816 words · 3 min read · ~3 pages · Grade level 11.6 · Accepted 2024-02-23 06:00:38
Key Financial Figures
- $0.01 — h registered Common Stock (Par Value $0.01) Rights to Purchase Series A Junior Par
Filing Documents
- tm246656d1_8k.htm (8-K) — 29KB
- 0001104659-24-026721.txt ( ) — 197KB
- cbrl-20240222.xsd (EX-101.SCH) — 3KB
- cbrl-20240222_lab.xml (EX-101.LAB) — 33KB
- cbrl-20240222_pre.xml (EX-101.PRE) — 22KB
- tm246656d1_8k_htm.xml (XML) — 3KB
02. Departure of Directors or Certain Officers; Election
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On February 22, 2024, Cracker Barrel Old Country Store, Inc. (the "Company") and the Company's Executive Chair and former President and Chief Executive Officer, Sandra B. Cochran, mutually agreed to terminate the Employment Agreement dated July 17, 2023, between the Company and Ms. Cochran (the "Employment Agreement") and to accelerate Ms. Cochran's effective retirement date thereunder, both effective on February 22, 2024. Also effective on February 22, 2024, Ms. Cochran resigned from the Company's Board of Directors (the "Board"), and the Board named Carl T. Berquist, the Board's current Lead Independent Director, as the independent Chairman of the Board and decreased the size of the Board from eleven to ten members in accordance with the Company's Second Amended and Restated Bylaws and the Company's Amended and Restated Charter. The Board unanimously approved the early termination of the Employment Agreement and the acceleration of Ms. Cochran's retirement after concluding that Ms. Cochran had successfully delivered all of the substantive benefits that the Board had intended when it structured Ms. Cochran's succession and approved the Company's entry into the Employment Agreement. Among other things, these benefits included the successful onboarding of and transition of Ms. Cochran's responsibilities to her successor as President and Chief Executive Officer, Julie Masino; Ms. Cochran's mentorship of Ms. Masino since Ms. Masino joined the Company; and Ms. Cochran's contributions to Board transition, succession planning, and director recruitment efforts since assuming the Executive Chair role on November 1, 2023. The Board expresses its deep appreciation for Ms. Cochran's faithful performance of her obligations under the Employment Agreement and, more importantly, her outstanding leadership of the Company f