FelCor Announces Changes to Its Board of Directors
26 Janeiro 2017 - 11:37AM
Business Wire
Two Long Serving Directors Will Not Stand for
Re-Election
FelCor Lodging Trust Incorporated (NYSE:FCH) today announced
that it has entered into an agreement with Snow Park Capital
Partners ("Snow Park") as part of the Company's continuing
initiatives to strengthen its corporate governance by, among other
things, reducing the tenure of its board members.
Under the terms of this agreement, two distinguished and
long-serving directors, Thomas J. Corcoran, Jr. and Robert H. Lutz,
Jr., will not stand for re-election at the Company’s 2017 Annual
Meeting of Stockholders. In addition, under certain circumstances,
Snow Park will have the right to consult with the Company’s Board
on future director vacancies, if any, prior to the 2018 annual
meeting.
"We appreciate Snow Park's constructive engagement and
meaningful contributions as we continue to strengthen corporate
governance, carefully manage G&A and make prudent capital
allocation decisions,” said Christopher J. Hartung, FelCor’s Lead
Director. “We look forward to continuing constructive dialogues
with all our investors and remain open to ideas that will create
lasting benefits for our stockholders.”
Jeff Pierce of Snow Park Capital Partners commented, “We thank
the FelCor Board for working with us and taking decisive action to
revamp the boardroom. We look forward to continuing to work with
the Board under this refreshed structure.”
Tom Corcoran, together with the late Hervey Feldman, pioneered
the concept of a real estate investment trust focused on hotels,
founded FelCor’s predecessor in 1991 and took FelCor public in
1994. Mr. Corcoran led the Company as its first President and Chief
Executive Officer until 2006, when he became Chairman of its Board
of Directors. Under his leadership, the Company was recognized
repeatedly as one of the Top 100 Places to work in Dallas-Ft.
Worth, reflecting Mr. Corcoran’s focus on creating a collegial work
culture and fostering appreciation of individuals serving the
company. Upon conclusion of his board service, Mr. Corcoran will be
granted the title Chairman Emeritus of FelCor.
“Tom Corcoran is one of the industry's visionaries and will be
missed at FelCor both personally and professionally,” said Mr.
Hartung. “Tom has been, and continues to be, a mentor and example
to many of us. His contributions to our company have been
immense."
Bob Lutz joined FelCor's Board of Directors in 1998. He brought
to the Board a deep knowledge of real estate, real estate
investment and finance, as well as a collaborative mindset that
contributed greatly to FelCor’s Board.
“We greatly appreciate Bob's many years of service to FelCor as
a steward of our stockholders’ interests,” said Mr. Hartung. “He
provided outstanding leadership during his tenure as Lead Director
from 2010 to 2016, and has been a valuable contributor to the
development of FelCor’s modern governance philosophy as Chairman of
the Governance Committee.”
“Tom and Bob are outstanding directors who have served our
stockholders with dedication and care for many years," Mr. Hartung
continued. “We wish them well as they move on to other
pursuits.”
About FelCor
FelCor, a real estate investment trust, owns a diversified
portfolio of primarily upper-upscale and luxury hotels that are
located in major and resort markets throughout the U.S. FelCor
partners with top hotel companies to operate its properties under
globally renowned names and as premier independent hotels.
Additional information can be found on the Company's website at
www.felcor.com.
About Snow Park
Snow Park Capital Partners, LP (“Snow Park”) is an investment
advisor that focuses on publicly traded real estate securities.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170126005141/en/
For FelCor:Abi Salami, 972-444-4967Manager, Investor
Relationsasalami@felcor.comorSard Verbinnen & CoHugh
Burns/Robin Weinberg, 212-687-8080
Felcor Lodging (NYSE:FCH)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Felcor Lodging (NYSE:FCH)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024