Ted Teng, president and COO and
Richard Smith, EVP and COO
& Acting Chief Financial Officer
DALLAS - Oct. 12, 2004 --To prepare the Company for its next stage of focus and growth, Wyndham International, Inc. (AMEX:WBR) today announced several organizational changes as part of a corporate "right-sizing" program. The changes reflect Wyndham's steady transition into a hotel operating company with a more balanced portfolio of owned, managed and franchised properties - part of the Company's strategic plan of selling non-strategic assets while growing its distribution through third-party agreements.
"As we view the Company and its expected form at the conclusion of the asset disposition process, it is clear the way we manage the Company can and must change. Making difficult decisions now will position Wyndham for greater success and growth as the hospitality industry continues to improve," stated Fred J. Kleisner, chairman and chief executive officer.
Departing executives include Theodore Teng, president and chief operating officer, whose position will not be replaced. Kleisner will assume Teng's duties upon his departure. Other executives leaving the Company include Joseph Champ, executive vice president of business development and chief investment officer; and, Patricia Smith, executive vice president of human resources, whose responsibilities will be reassigned. In addition, Donna DeBerry, executive vice president of diversity and corporate affairs, will be leaving the Company in connection with the reorganization but will continue to guide Wyndham's industry-leading diversity initiative as a consultant.
"On behalf of all Wyndham employees, I would like to thank Ted, Joe, Patricia and Donna for their tireless efforts and valuable contributions. They have helped to take Wyndham to the next level and to position us for greater success and future growth," stated Kleisner.
In a separate press release issued today, Wyndham announced that Richard A. Smith, executive vice president and chief financial officer, has resigned to take a position with another company. Smith's resignation was unrelated to the Company's planned changes in its organizational structure. Wyndham has appointed Elizabeth Schroeder to executive vice president and acting chief financial officer, with the expectation that her permanent appointment to this position will be confirmed by Wyndham's Board of Directors in early 2005. Schroeder was formerly Wyndham's senior vice president of finance, strategic planning and investor relations.
In related appointments, Timothy L. Fielding, former senior vice president and corporate controller, will be named executive vice president and chief accounting officer, and Michael Higa will be named corporate treasurer. Judy Hendrick, former senior vice president and treasurer, will be named executive vice president and chief investment officer in connection with the reorganization.
Elizabeth Schroeder Appointed EVP & Acting Chief Financial Officer
Elizabeth Schroeder will be appointed executive vice president and acting chief financial officer, responsible for the Company's financial strategy and operations. It is anticipated that Schroeder's permanent appointment will be confirmed by Wyndham's Board of Directors in early 2005.
Kleisner said, "Elizabeth is a skilled financial strategist and an instrumental member of the Wyndham executive management team. She will continue to aggressively lead Wyndham in a balanced direction that maximizes market conditions and reduces debt while maintaining brand integrity."
Schroeder joined Wyndham in August 1998 as vice president of finance. In May 2000, she was promoted to senior vice president of finance and assumed additional responsibilities for investor relations and strategic planning. Prior to Wyndham, Schroeder held executive positions in financial reporting, planning and analysis with American General Hospitality, where she was the corporate controller for the company. While there, she played an instrumental role in the Company's public offering. Schroeder's professional background also encompasses eight years with various regional public accounting firms overseeing large corporate and high wealth individual clients.
Schroeder earned her bachelor's degree from Louisiana State University and is a certified public accountant.
Based in Dallas, Wyndham International, Inc. offers upscale and luxury hotel and resort accommodations through proprietary lodging brands and a management services division.
This press release contains certain forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including projections about future operating results.
Wyndham International, Inc.
|Also See:||Ted Teng Named Chief Operating Officer for Wyndham Internatinal, Inc. / April 2000|
|James D. Carreker Resigns as Chairman at Wyndham; Fred J. Kleisner Appointed Chairman, Ted Teng Named President / Oct 2000|
|Fred Kleisner Leaves Starwood; Joins Wyndham as President and COO / July 1999|
|Wyndham Appoints Patricia Smith to Senior Vice President of Human Resources / April 2003|
|Joseph H. Champ Named EVP, Business Development, and Chief Investment Officer for Wyndham / March 2001|
|Implementing a Company Diversity Program a Top Objective for Wyndham, Names Donna DeBerry to SVP of Diversity / June 2001|