La Quinta CEO Goldberg Steps Down
September 17 2015 - 5:20PM
Dow Jones News
La Quinta Holdings Inc. said President and Chief Executive Wayne
Goldberg has stepped down by mutual agreement with the hotel
company's board.
Chief Financial Officer Keith Cline was named interim president
and CEO, effective immediately, and search firm Korn/Ferry
International will assist with the selection of a permanent chief
executive.
The company also lowered its 2015 guidance for revenue per
available room, or "revpar," citing weaker-than-expected demand in
August and September, and industry trends that indicated weaker
demand for the rest of the year. La Quinta projects growth of 3.5%
to 4.5% for the metric, down from prior guidance of 4.5% to
5.5%.
In after-hours trading, La Quinta shares were down 3.3% to
$18.35.
In a statement, Chairman Mitesh Shah said "we appreciate Wayne's
more than 15 years of service to La Quinta, during which time he
helped the company reach many milestones."
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."
La Quinta also accelerated its stock buyback program, approving
the repurchase of up to $100 million of shares, effective
immediately.
Write to Josh Beckerman at josh.beckerman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 17, 2015 17:05 ET (21:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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