Lodgian Names James A. MacLennan EVP and CFO
ATLANTA, GA, March 1, 2006. Lodgian, Inc. (AMEX: LGN), one of the nation's largest independent owners and operators of full-service hotels, today announced that James A. MacLennan will be named executive vice president and chief financial officer. Although MacLennan joined the company as vice president on March 1, 2006, the appointment to executive vice president and chief financial officer will take place upon the effectiveness of the resignation of Lodgian's current CFO, Linda Borchert Philp, which was announced in October 2005 and is expected to take place on or about March 15, 2006, following the filing of the company's annual report on form 10-K with the SEC.
MacLennan, who has worked in many countries on four continents, joins Lodgian with more than 20 years of varied financial experience. Most recently, he served as chief financial officer and treasurer of Buford, Ga.-based Theragenics Corporation, a NYSE-listed medical device company. In addition to responsibility for the company's corporate finance activities and investor relations function, he provided critical leadership in the company's merger and acquisition activities and product diversification initiatives.
Previously, he was executive vice president and chief financial officer with Lanier Worldwide, Inc., a publicly held, $1.4 billion technical products company, where he was responsible for all corporate finance activities. He also played a major role in taking that company public, then later in finding a longer-term strategic alternative for Lanier.
MacLennan spent much of his early career in financial positions of increasing scope and responsibility in the oil and gas industry, most notably with Exxon and later with Noble Drilling.
"James has an impressive and extensive background in accounting and finance," said Ed Rohling, Lodgian president and chief executive officer. "His experience as CFO in two other publicly held companies also prepares him to provide the essential financial leadership we will need as we transition from a period of consolidation to a new stage of dynamic growth."
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