La Quinta Holdings Appoints CFO Keith Cline As Interim President & CEO
Wayne Goldberg Steps Down From Leadership Positions In The Company
IRVING, Texas - Sept. 17, 2015 // PRNewswire // - La Quinta Holdings Inc. (NYSE: LQ) announced today that Wayne Goldberg has stepped down from his leadership positions in the Company by mutual agreement with the Company's Board of Directors. The Board has appointed Keith Cline, the Chief Financial Officer, as interim President and Chief Executive Officer, effective immediately. The Board, working with leading executive search firm Korn Ferry, will lead the search for a permanent CEO.
"La Quinta has an exceptionally strong and experienced management team in place to continue the Company's robust franchise growth, deliver the outstanding experiences its guests have come to expect, and drive shareholder value," Mitesh Shah, Chairman of the Board, said. "We appreciate Wayne's more than 15 years of service to La Quinta, during which time he helped the Company reach many milestones, along with guiding the Company through its successful initial public offering. The Board has confidence in the Company's management team to execute their strategic plan and we know that Keith will continue to build on La Quinta's unique culture of innovation and customer service."
Mr. Goldberg joined the Company in 2000 and has served as President and CEO since 2006. In announcing his departure, Mr. Goldberg reported that he has fulfilled his goals at La Quinta. During Mr. Goldberg's tenure, La Quinta experienced substantial growth, introduced new brand standards, and became known for its technological capabilities.
"I am proud of the progress that has occurred over the past years at La Quinta," Mr. Goldberg said. "I believe the Company is well positioned for the future. As such, it is a good time for me to look forward and explore new opportunities."
Mr. Cline has served as La Quinta's Executive Vice President and Chief Financial Officer since January 2013, and helped to lead the Company through its successful initial public offering in April 2014. From 2011 to 2013, prior to joining La Quinta, he was Chief Administrative Officer and Chief Financial Officer at Charming Charlie, Inc., and from 2006 to 2011, Mr. Cline was Senior Vice President of Finance at Express, Inc. Mr. Cline began his career at Arthur Andersen & Company and held financial leadership roles at The J.M. Smucker Company, FedEx, Custom Critical, and L Brands, Inc.
"We will continue to execute our growth strategy through our capital light franchising business, optimize the value of our owned hotel portfolio, and ensure that the La Quinta brand remains a leader in the midscale and upper midscale segments of the lodging industry," Mr. Cline said.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements regarding our transition to new leadership of the Company, performance of our business, our financial results, our liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission ("SEC"), as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
About La Quinta Holdings Inc.
La Quinta Holdings Inc. (LQ) is a leading owner, operator and franchisor of select-service hotels primarily serving the upper-midscale and midscale segments. The Company's owned and franchised portfolio consists of more than 875 properties representing over 87,000 rooms located in 47 US states, Canada, Mexico and Honduras. These properties operate under the La Quinta Inn & Suites™, La Quinta Inn™ and LQ Hotel™ brands. La Quinta's team is committed to providing guests with a refreshing and engaging experience. For more information, please visit: www.LQ.com.
From time to time, La Quinta may use its website as a distribution channel of material company information. Financial and other important information regarding the Company is routinely accessible through and posted on our website at www.lq.com/investorrelations. In addition, you may automatically receive email alerts and other information about La Quinta when you enroll your email address by visiting the Email Notification section at www.lq.com/investorrelations.
SOURCE La Quinta Holdings Inc.