LEBANON (AP) — Casual dining chain Cracker Barrel Old Country Store Inc. said Monday that President and Chief Operating Officer Sandra B. Cochran will become its CEO next month as part of a succession plan that has been in the works for two years.
Cochran takes over the post from CEO Michael Woodhouse, who also currently serves as chairman. Woodhouse, who has served as CEO since August 2001, will become executive chairman when Cochran takes over as CEO on Sept. 12.
Cochran, who has served as COO since November 2010, will also become a board member when she takes on her new position. She started with Cracker Barrel in April 2009 as executive vice president and chief financial officer.
"These changes are the outcome of a deliberate succession process over the past two years to prepare Cracker Barrel to continue the successes of the past five years under a new generation of leadership," Woodhouse said in a statement.
The personnel changes follow Cracker Barrel's appointment of Lawrence Hyatt as CFO in January. Coleman Peterson was named as a board member in June.
Cracker Barrel also announced that James Bradford, dean and Ralph Owen Professor for the Practice of Management at Vanderbilt University's Owen Graduate School of Management, will become a board member. He is the former president and CEO of United Glass Corp. Bradford also previously served as president and CEO of AFG Industries Inc.
The Lebanon company said board members Robert Hilton and Jimmie White do not plan to stand for re-election at this year's annual meeting.
Cracker Barrel, which was founded in 1969, has 603 company-owned locations in 42 states. The company announced last month that it eliminated about 60 jobs as part of a cost-cutting program.