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|Choice Hotels Announces Senior Leadership Succession Plan|
The appointment of Pacious as President and CEO is the culmination of a thoughtful, deliberate, long-term succession planning process, focused on maintaining leadership continuity, while driving new ideas that result in continued positive business growth now and into the future. Over the past several years, Joyce has collaborated with the Board of Directors to identify and prepare his successor. The Board and Joyce identified Pacious as the right person to lead Choice into the future.
"Under Steve's tenure as CEO,
Pacious joined Choice in 2005 and has created significant value for shareholders and franchisees. Under Pacious' direction, Choice built industry-leading global technology platforms that resulted in improved profitability and efficiencies for the company's franchised hotel owners. He has led strategies and innovative growth initiatives around brand, marketing, development, franchise services, revenue management and performance analytics. This includes the company's significant growth in the upscale segment with both Cambria Hotels and
"Choice is in a great position with an amazing leadership team, and I am proud of the outstanding achievements that we have accomplished during my tenure. I expect the company will continue to lead the industry with innovations and technology with Pat as CEO," Joyce stated. "Pat is a natural leader, and I fully endorse the Board's decision to appoint him to the helm of
Bainum added, "In essence, we have two executives at the top of their games, one who is agreeing to stay on the board as Vice Chairman, and another stepping in to take the reins of the company. As a result, Choice benefits from a deliberate and well-executed long-term succession planning strategy coming to fruition."
"This is an exciting time at Choice. We have a strong performance-based culture that focuses on agility and speed, creating momentum and opportunity for the company, franchisees, associates and shareholders. I am honored by the confidence that the Board and Steve have placed in me, and I look forward to strengthening
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, our use of words such as "expect," "estimate," "believe," "anticipate," "should," "will," "forecast," "plan," "project," "assume" or similar words of futurity identify such forward-looking statements. These forward-looking statements are based on management's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to management. Such statements may relate to projections of the company's revenue, earnings and other financial and operational measures, growth and business prospects, market share, future operations, among other matters. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties and other factors.
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Scott Carman, 301-592-6361, firstname.lastname@example.org
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