Così Inc. CFO Scott Carlock has resigned, effective immediately, the Boston-based fast-casual operator said Thursday.
Carlock resigned Wednesday “to pursue other opportunities,” the company said.
Richard Bagge, previously CFO of Hearthstone Associates LLC, Così’s largest franchisee, will serve as interim CFO while the company looks for a replacement.
“We appreciate Scott’s contributions to Così over the past several months as we relocated our Support Center to Boston, completed a rights offering and implemented our strategy for building a stronger business,” Così CEO R. J. Dourney said in a statement. “We wish him well as he pursues other opportunities.”
Dourney founded and served as CEO of Hearthstone Associates before becoming CEO of Così.
Carlock was hired in July, after he spent 13 years at Yum! Brands Inc. He will receive severance payments of a total $64,615.36, or four months gross pay, according to SEC filings.
Bagge was already set to become Così’s vice president of real estate and development once a merger between Così and Hearthstone was complete.
“Mr. Bagge knows Così well,” Dourney said. “He has been instrumental in Hearthstone’s growth, and I am confident he will lead the financial team and capably fulfill the CFO role during the interim period.”
Così chairman Mark Demilio said Bagge “is a talented and experienced financial executive, and he has the full confidence of the board and Così’s senior management team to maintain Così’s momentum as the company conducts its search.”
Così has 111 units, 64 of which are company owned. The operator has struggled with years of financial losses and weak sales. However, same-store sales rose 3.9 percent in the fourth quarter ended Dec. 29.
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