Choice CEO Charles A. Ledsinger, Jr. Named Vice Chairman
Choice Hotels Announces Series Of Executive Appointments
SEPTEMBER 14, 2006. The board of directors of Choice Hotels International, Inc., (NYSE:CHH) announced a series of executive promotions as part of a new corporate organizational structure designed to better support and facilitate the company's strategies, long-term growth, and continuity for future leadership.
Effective immediately, Chief Executive Officer Charles A. 'Chuck' Ledsinger, Jr., (56) has been named vice chairman of the company; and Joseph M. Squeri (41), formerly executive vice president, operations and chief financial officer, has been elected president and chief operating officer.
'Joe has been integral to the growth and success of our company, and I have every confidence Choice will continue to prosper with his new operational responsibilities,' said Charles A. Ledsinger, Jr., vice chairman and CEO. 'In promoting Joe to the position of president and COO, and making the other related organizational moves, the board is taking a very important step in our plan to build upon our bench strength within the top leadership of the company and to ensure the company's continued growth and success,' Ledsinger added.
As vice chairman and CEO, Ledsinger will be focused on furthering Choice's strategy and growth objectives, initiatives to enhance profitability for the company's franchisee base, and innovations that drive growth through expansion. In this regard, Ledsinger will oversee the growth and innovation and real estate functions of the corporation, as well as finance, legal, human resources and administration.
In his new position as president and COO, Squeri will have accountability and operating responsibility for the entire franchising operation, creating a seamless oversight in all of the various operating units, including international, marketing and reservations, information technology, brand management, franchise development, field hotel services and Choice's business-to-business procurement processes.
Ledsinger and Squeri will work together developing and leading the company's growth and innovation strategies, to include internal innovations that optimize and strengthen the company's core franchising business, as well as external innovations that drive growth in response to market trends and through expansion into adjacent and complementary businesses.
'I am extremely excited to take on an even larger role in the leadership of the company,' said Squeri. 'Over the past eight years, I have had the honor of working with and learning from Chuck, during which time we developed a hotel franchising business model that has led to solid growth and helped establish Choice as one of the best performing companies in the lodging industry.'
Squeri added, 'Our new organizational structure is designed to build collaboration across the entire franchising operation, which will enable us to leverage the company's strengths and related synergies for the benefit of our shareholders, franchisees and associates.'
Related Organizational Moves
In related moves, the board of directors also announced the following changes:
o Michael DeSantis named senior vice president, senior strategic advisor and corporate secretary
In addition to oversight of the legal function, former General Counsel Michael DeSantis will oversee the company's corporate real estate development group, which has been established to seek investment and business opportunities for Choice, especially in the company's growth brands of Cambria Suites and Suburban Extended Stay Hotel, and to stimulate new and innovative ideas for the company's core business. In addition, he will continue to serve as corporate secretary and as the principal liaison with the company's Board of Directors. DeSantis continues to report to Chuck Ledsinger.
o Paul Mamalian named general counsel
Formerly assistant general counsel for Choice, Paul Mamalian will report to Michael DeSantis and be responsible for the day-to-day management of the legal function, including SEC and corporate filings, acquisitions, franchise issues, risk management, litigation and labor law.
o David White named chief financial officer
Formerly controller for the company, David White will report to Chuck Ledsinger and provide critical oversight and leadership of the finance organization, including treasury, tax and internal audit.
o Scott Oaksmith named controller
Formerly assistant controller for Choice, Scott Oaksmith will report to David White and be responsible for the company's corporate reporting and accounting.
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