Escondido-based Welk Resorts has promoted current president Jon Fredricks to the new position of president and chief executive officer.

Officials said Fredricks has been president of the destination resort operator since 1999. He is the grandson of the late bandleader and company founder Lawrence Welk, who opened the first Welk resort in Escondido in 1964.

Operators said the privately held Welk Resorts has posted annual revenue growth of more than 18 percent over the past decade. It is on track to post $150 million in revenue for 2014, up 31 percent over 2013, officials said.

The company operates vacation resorts with golf, timeshare units, live theater offerings and other amenities in Escondido, Palm Springs, Lake Tahoe, Cabo San Lucas and Branson, Mo. Welk Resorts currently employs 1,600 and has 1,077 vacation units in its portfolio.

The Escondido location underwent more than $20 million in renovations during the past five years. Future Welk properties currently in planning stages include a ski resort in Breckenridge, Colo., and a beach resort in Kauai, Hawaii, officials said.