CPK to Pay Ex-CEO $600,000 Severance

California Pizza Kitchen Inc. will pay its recently departed chief executive, Frederick R. Hipp, a $600,000 severance, according to an agreement filed with the Securities and Exchange Commission.

Hipp resigned from the Los Angeles-based pizza chain last month after the company’s board and founders became concerned about his aggressive growth strategy.

In addition, the company agreed to pay Hipp for health insurance costs for up to 18 months or $20,000. The Company’s founders, Richard Rosenfield and Larry Flax, have resumed control of the chain.

-- Karen Robinson-Jacobs