In 1997, the private equity firm Bruckmann, Rosser, Sherrill & Company bought out PepsiCo's two-thirds stake with the intention of taking CPK public in 2000, pushing for expansion to resume. Veteran restaurant executive Fred Hipp was hired to run CPK with an aggressive expansion plan, including 18 new stores in 2002, 22 in 2003, and 28 in 2004. The expansion was to be carried out by former Brinker International Vice President Tom Jenneman, under the title of Chief Development Officer. Flax and Rosenfield remained on the board, but had no day-to-day control.