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California Pizza Kitchen SVP departs under fire for site selection

November 9, 2003

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LOS ANGELES—A Nov. 6 SEC filing by California Pizza Kitchen revealed that Tom Jenneman, the company's vice president of real estate and chief development officer, resigned on August 2, under fire from the company's co-CEOs, Larry Flax and Rick Rosenfield.

According to the filing, Jenneman, who was hired in 1999, will receive a severance package including $220,000 paid out over six months, options to purchase CPK stock and full insurance coverage during the pay-out period.

In a July 25 investor conference call (see related story California Pizza Kitchen CEO resigns, site reassessments underway, stock price falling), Rosenfield criticized many of the company's real estate decisions over the past year, and vowed he and Flax would get involved in choosing better sites.

According to the filing, the company has closed a handful of restaurants this year, and may close two more before year's end.