Stephen P. Joyce Assumes Chief Executive Officer Role
SILVER SPRING, Md., June 26 // PRNewswire-FirstCall // -- Worldwide lodging franchisor Choice Hotels International (NYSE: CHH) today announced that it has accelerated its previously announced management succession plan. Stephen P. Joyce will assume the chief executive officer role effective June 26, 2008, with Charles A. Ledsinger, Jr. remaining non-executive vice chairman of the company's board of directors.
"Steve Joyce has a strong track record in the lodging industry, with a wealth of finance, franchising, operations and development expertise, and I am extremely confident that he is ready to lead the Choice organization without further delay as it continues its long-term growth," said Ledsinger. "Since joining the company, Steve has formed strong relationships with our management team and our franchisees while demonstrating a keen understanding of the Choice organization. It has been a tremendous privilege to lead this organization over the past decade and I am very proud of the accomplishments we have achieved while building a business model that is second to none. I look forward to working with Steve and a talented leadership team in my role as vice chairman."
"It has been a great honor to work with and learn from Chuck Ledsinger over the past few months and I am very fortunate that he has developed a strong, growth-oriented organization with a powerful financial position, a great business model, well-known brands and a talented team of associates," said Joyce. "I am very excited about Choice's significant growth opportunities, both domestically and internationally, with a stable of ten well-segmented brands. I am extremely grateful to Chuck, Stewart Bainum, Jr. and the board of directors for the opportunity to author the next chapters of the Choice story."
"Chuck Ledsinger was at the helm of this organization for a sustained period of tremendous profitable growth, and on behalf of the board, our shareholders, our franchisees, and our associates, I thank him for his leadership," said Bainum, Jr., chairman. "Steve Joyce is an extremely talented executive who has been a great fit with the Choice culture. I look forward to working with him for many years to come."
The company is executing a restated employment agreement with Mr. Ledsinger to reflect the accelerated succession and will take an after-tax accounting charge, currently estimated to be approximately $3.5 million to $4.0 million (or $.06 diluted earnings per share).
Choice Hotels International franchises more than 5,600 hotels, representing more than 455,000 rooms, in the United States and 38 countries and territories. As of March 31, 2008, 986 hotels are under development in the United States, representing 79,276 rooms, and an additional 96 hotels, representing 8,321 rooms, are under development in more than 20 countries and territories. The company's Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge and Rodeway Inn brands serve guests worldwide.
Additional corporate information may be found on the Choice Hotels Web site, which may be accessed at http://www.choicehotels.com.
Choice Hotels, Choice Hotels International, Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge and Rodeway Inn are proprietary trademarks and service marks of Choice Hotels International.
SOURCE Choice Hotels International