BROOMFIELD — CraftWorks Restaurants & Breweries Group Inc. on Wednesday said it has accepted the resignation of Srinivas Kumar, who became the company’s chief executive in 2014.
Fred Beilstein III will serve as interim chief executive, the Broomfield-based company said. Beilstein has served in a variety of chief financial officer and chief executive positions in the food industry, including franchisee operator.
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
Beilstein joined Craftworks as the interim CFO earlier this year.
Craftsworks’ spokesman Jaime Vasquez said via an email that Kumar “decided it was time to take a much deserved sabbatical after 4.5 years at the helm of Craftworks.”
Vasquez said Craftworks is not searching for a permanent CEO.
Craftworks operates nearly 200 franchised and company-owned craft-brewery/restaurants under the brands of Old Chicago Pizza & Taproom, Gordon Biersch Brewery Restaurants and Rock Bottom Restaurants & Breweries.
Old Chicago opened eight restaurants in 2016 growing their presence in Texas, North Carolina, Missouri and Colorado. In 2017, it added eight restaurants including locations in Colorado, South Carolina, Kansas, Arkansas, Tennessee and Wyoming.
The company anticipates opening 10 franchise restaurants in 2018. CraftWorks has opened two Rock Bottom Brewery restaurants so far this year, in Highlands Ranch and Daytona Beach, Fla.