Choice Announces Management Succession Plan
MARCH 24, 2008. The board of directors of Choice Hotels International, Inc. (NYSE: CHH) today announced a management succession plan intended to support the company through the next phase of its growth. Under the plan, Stephen P. Joyce has been named president and chief operating officer effective May 1, 2008; Bruce N. Haase has been promoted to executive vice president, global brand operations, effective immediately.
Joyce (48), a 25-year veteran of Marriott International, Inc. (NYSE: MAR) is currently executive vice president, global development/owner and franchise services at Marriott. His appointment at Choice positions him to succeed longstanding Choice Hotels CEO Chuck Ledsinger in October 2008, at which point Choice plans to name Joyce President and CEO, with Ledsinger remaining with the company as vice chairman.
"Over the past year, the board and I have been working to ensure our continued long-term growth. These two appointments are an important part of the company's succession strategies," said Ledsinger, who has been at the helm of Choice for 10 years. "Our top priority is to ensure that the next generation of leadership at Choice will execute our core strategies and drive substantial growth for the benefit of our shareholders, franchise owners, and associates. After conducting a comprehensive, deliberate and thoughtful search, we ultimately found what we were looking for in Steve Joyce. I am confident that Steve has the operational acumen and strategic vision to lead Choice to the next level of its journey, and that he will do so with passion and integrity," said Ledsinger.
"Chuck Ledsinger has been responsible for the greatest level of growth in our history," said Stewart Bainum, Jr., chairman. "Under his leadership, Choice developed a strong management team and established a business model for growth, profitability and sustainability-with a focus on significantly growing our franchise system and building strength through our relationships with our franchisees. As a result, the company has grown at a faster pace than other lodging companies, and we have been able to deliver a higher level of shareholder value to our owners."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
