Several major U.S. companies have appointed former chief executives who had retired to lead their organizations, including Cracker Barrel, Boeing, and Verizon. The appointments reflect recent board decisions to rely on experienced leadership during executive transitions and corporate turnaround efforts.
Key Takeaways
- Cracker Barrel selected former Bloomin’ Brands CEO David Deno as its next chief executive.
- Boeing and Verizon also appointed previously retired executives to lead their organizations.
- Boards cited leadership experience and operational credibility in executive succession decisions.
- Some returning CEOs previously served on corporate boards after retirement.
- Research indicates experienced CEOs have produced mixed results in subsequent leadership roles.
Retired CEOs are returning to leadership positions at several major U.S. companies as corporate boards appoint veteran executives to guide organizations through executive transitions and operational challenges. Recent leadership decisions at Cracker Barrel, Boeing, and Verizon demonstrate how boards have selected former chief executives who had previously stepped away from day-to-day management to assume the top executive role again.
The appointments involve executives with prior chief executive experience as well as continued involvement in corporate governance through board service. Companies have identified established leadership records and operational experience as key considerations during executive succession planning.
Executive Succession Brings Former CEOs Back Into Leadership
Corporate boards have recently selected former chief executives who had retired to lead companies undergoing leadership changes. The appointments span multiple industries, including restaurants, aerospace, and telecommunications.
Governance specialists have noted that experienced executives often remain active after retirement by serving on corporate boards or advising organizations. Those roles can position them to return to executive leadership when boards seek candidates with extensive management experience. Organizations have increasingly emphasized structured CEO succession planning as leadership transitions become more frequent.
The recent appointments illustrate boards’ preference for leaders who have previously managed large organizations and who are already familiar with board governance, executive oversight, and operational decision-making.
While executive succession plans frequently include internal candidates or first-time chief executives, boards have also considered former CEOs whose previous leadership experience provides an established record of managing complex businesses.
Executive Board Experience Before Returning
Several returning executives maintained active roles within corporate governance after leaving their previous chief executive positions. Board service allowed them to remain engaged with strategic oversight, executive evaluation, and organizational planning before accepting new leadership responsibilities.
Governance professionals have stated that these experiences can help former executives transition back into operational leadership when companies seek experienced decision-makers.
Cracker Barrel Selects David Deno as Chief Executive
Cracker Barrel appointed David Deno as its next chief executive following a leadership search conducted after the company experienced challenges related to branding changes and declining sales.
Deno previously served as chief executive of Bloomin’ Brands from 2019 until his retirement in 2024. Following his departure from the restaurant company, he joined the boards of Krispy Kreme and Panera Brands.
His appointment returns him to an executive leadership position after spending time serving in corporate governance roles.
David Deno’s Leadership Background
Before becoming chief executive of Bloomin’ Brands, Deno served as the company’s chief financial officer and held several senior leadership positions within the restaurant industry.
During his tenure as Bloomin’ Brands CEO, the company managed operations through the COVID-19 pandemic while maintaining its workforce rather than implementing widespread furloughs during the early stages of the public health emergency.
Cracker Barrel disclosed executive compensation arrangements related to Deno’s appointment, including relocation assistance and an annual base salary. Company filings also outlined compensation associated with the departure of outgoing Chief Executive Officer Julie Masino.
Masino and the company’s board had previously agreed to begin the search for new executive leadership following criticism surrounding efforts to modernize Cracker Barrel’s branding and restaurant offerings. Similar board-led executive transition processes have also been used by other organizations planning leadership succession.
Boeing and Verizon Add Experienced Leaders to the C-Suite
Boeing and Verizon have also appointed former chief executives who previously retired from executive management.
Boeing selected Kelly Ortberg as chief executive after extending the company’s mandatory retirement age. Ortberg previously led Rockwell Collins before retiring and later remained active as a member of RTX’s board of directors.
His appointment returned him to executive leadership after several years away from a chief executive role.
Verizon similarly selected Dan Schulman as chief executive following his retirement from PayPal. Before assuming leadership at Verizon, Schulman had served on the telecommunications company’s board.
His board experience provided familiarity with Verizon’s operations and strategic direction before accepting the chief executive position. Verizon has also discussed its customer growth leadership strategy following executive changes as part of its broader business direction.
The appointments demonstrate that corporate boards have considered candidates who remained engaged with governance responsibilities after retiring from previous executive positions.
Board Priorities Shape Executive Recruitment Decisions
Corporate boards evaluating chief executive candidates often consider leadership experience, operational decision-making, and credibility with stakeholders when selecting new executives.
Governance specialists have stated that companies facing operational or strategic challenges may prioritize executives with established leadership records rather than first-time chief executives.
The pool of candidates with prior chief executive experience and industry expertise remains relatively limited, making experienced executives attractive during succession planning.
For some organizations, returning executives also provide continuity because of their familiarity with corporate governance and board expectations. Companies have also placed greater emphasis on operational leadership expertise when evaluating senior executive candidates for complex business environments.
Former chief executives who continue serving as directors frequently maintain relationships within the business community, allowing boards to evaluate candidates whose leadership abilities are already well documented.
The appointments at Cracker Barrel, Boeing, and Verizon reflect recent examples of boards selecting experienced executives who had previously stepped away from day-to-day corporate leadership.
Research Examines Performance of Experienced Chief Executives
Findings From CEO Performance Research
Research conducted by executive search firm Spencer Stuart examined the performance of chief executives who accepted additional CEO positions after leading another public company.
The study found that experienced chief executives generally produced strong results during their initial CEO appointments, while outcomes in subsequent leadership roles varied more widely.
The research indicated that approximately 40% of experienced CEOs outperformed the market during later chief executive assignments, compared with higher performance levels achieved during their first tenure as CEOs.
The findings suggest that previous executive experience alone does not guarantee comparable performance in future leadership roles, even though boards may value operational expertise and governance experience during succession decisions.
Management specialists have also noted that executives returning from retirement generally fall into two categories: those who remain active through board service or advisory work, and those who decide to return to executive leadership after stepping away from day-to-day management.
The recent appointments across several major companies illustrate how boards continue to evaluate former chief executives as potential leaders during executive transitions while balancing leadership experience with the specific operational needs of each organization.
Frequently Asked Questions
Why did Cracker Barrel appoint David Deno as CEO?
Cracker Barrel selected David Deno following a leadership search after the company experienced challenges related to branding changes and declining sales. Deno previously served as chief executive of Bloomin’ Brands and later held board positions at Krispy Kreme and Panera Brands.
Which companies recently hired retired CEOs?
Recent examples include Cracker Barrel, Boeing, and Verizon, each of which appointed a former chief executive who had previously retired from executive leadership.
What experience does David Deno bring to Cracker Barrel?
David Deno previously served as chief executive of Bloomin’ Brands after holding senior financial and operational leadership roles. Following his retirement, he remained active through corporate board service before accepting the Cracker Barrel position.
Why do boards recruit former chief executives?
Boards may select former chief executives because they bring prior leadership experience, operational management expertise, and familiarity with corporate governance gained through executive and board service.
What research says about experienced CEOs returning to leadership?
Research cited in connection with the recent appointments found that experienced chief executives have achieved mixed results after returning to CEO positions, with performance varying across subsequent leadership assignments.
