Cracker Barrel president to retire at end of month

NASHVILLE (AP) ? The head of Cracker Barrel Old Country Store Inc., a subsidiary of restaurant operator CBRL Group Inc., is retiring at the end of the month, the company announced Thursday.

Cyril J. Taylor, 52, president and chief operating officer, has been with Cracker Barrel nearly 28 years and decided to step down to go back to school and possibly teach later, according to a news release.

But analysts say weak sales over recent months and a sagging stock price are likely reasons behind the reshuffling of Taylor’s position and resignation of three top officers.

David L. Gilbert, chief administrative officer, Steve Heckle, vice president of risk management and Christopher A. Tomasso, vice president marketing, have also stepped down, the company said.

Robert Derrington, an analyst with Morgan, Keegan & Co. Inc. in Nashville, said sales in the restaurant and retail sides of Cracker Barrel’s stores have steadily declined. He added that the stock’s year high was around $47 in March but now stands about $33.

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ATLANTA (AP) ? A federal grand jury has indicted three people on a conspiracy charge alleging they tried to sell Coca-Cola trade secrets to Pepsi and were willing to give the information to the “highest bidder,” as new details emerged about the scheme and the suspects.

Former Coca-Cola administrative assistant Joya Williams and ex-cons Ibrahim Dimson and Edmund Duhaney pleaded not guilty at their arraignment.

The crime was foiled after Purchase, N.Y.-based PepsiCo Inc. turned over to The Coca-Cola Co. a May letter Pepsi had received from a man the FBI later identified as Dimson who offered to sell Coke trade secrets to “the highest bidder,” the indictment said.