CHOICE HOTELS INTERNATIONAL, INC. (NYSE:CHH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July13, 2017, the Board of Directors (the “Board”) of Choice Hotels International, Inc. (the “Company”) appointed Patrick S. Pacious as the Company’s Chief Executive Officer, effective January1, 2018. Mr.Pacious, age 51, has served as the Company’s President and Chief Operating Officer since May 2016. Mr.Pacious will also remain as President following his promotion. Mr.Pacious previously served as the Company’s Chief Operating Officer since January 2014, as the Company’s Executive Vice President, Global Strategy& Operations from February 2012 to January 2014, as the Company’s Executive Vice President, Strategy, Distribution& Technology from February 2011 to February 2012, as the Company’s Senior Vice President, Distribution& Technology from October 2010 to February 2011, as the Company’s Senior Vice President, Corporate Strategy& Information Technology from November 2008 to October 2010, and as the Company’s Senior Vice President, Corporate Development and Strategy from December 2007 to November 2008.
In connection with his promotion and effective upon his becoming Chief Executive Officer, the Compensation& Management Development Committee of the Board approved the following adjustments to Mr.Pacious’ compensation: (i)annual base salary will be increased from $750,000 to $925,000, (ii)target incentive opportunity under the Company’s short-term incentive plan will increase from 50% to 150% of his annual base salary, and (iii)target annual equity grant award value under the Company’s long-term incentive program will be increased from 225% to 325% of his annual base salary.
Mr.Pacious will succeed Stephen P. Joyce as Chief Executive Officer, who will step down as Chief Executive Officer, effective December31, 2017 and will assume the position of Vice Chairman of the Board, effective January1, 2018.
A copy of the press release regarding this announcement is furnished as Exhibit 99.1 hereto.
Item 5.02. Financial Statements and Exhibits.
Exhibit 99.1—Press Release issued by Choice Hotels International, Inc., dated July13, 2017.
CHOICE HOTELS INTERNATIONAL INC /DE ExhibitEX-99.1 2 d424928dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Contact: Scott Carman 301-592-6361 [email protected] Choice Hotels Announces Senior Leadership Succession Plan Patrick Pacious to Succeed Stephen Joyce as Chief Executive Officer in January 2018 ROCKVILLE,…To view the full exhibit click here
About CHOICE HOTELS INTERNATIONAL, INC. (NYSE:CHH)
Choice Hotels International, Inc. (Choice) is a hotel franchisor. The Company operates in two segments: hotel franchising business and SkyTouch Technology (SkyTouch). It operates approximately 6,420 hotels open and over 720 hotels under construction, representing approximately 507,480 rooms open and over 58,130 rooms under construction, awaiting conversion or approved for development in approximately 50 states, the District of Columbia and over 35 countries and territories outside the United States. It franchises lodging properties under the brand names, including Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge, Rodeway Inn, MainStay Suites, Cambria hotels & suites and Ascend Hotel Collection (collectively, the Choice brands). SkyTouch division develops and markets cloud-based technology products, including inventory management, pricing and connectivity to third-party channels, to hoteliers not under franchise agreements with the Company.
