Joseph M. Squeri Elected President and Chief Operating Officer
|SILVER SPRING, Md. (September 13, 2006) – The board of directors of
Choice Hotels International, Inc., (NYSE:CHH) today announced a series
of executive promotions as part of a new corporate organizational structure
designed to better support and facilitate the company’s strategies, long-term
growth, and continuity for future leadership.
Effective immediately, Chief Executive Officer Charles A. “Chuck” Ledsinger, Jr., (56) has been named vice chairman of the company; and Joseph M. Squeri (41), formerly executive vice president, operations and chief financial officer, has been elected president and chief operating officer.
“Joe has been integral to the growth and success of our company, and
I have every confidence Choice will continue to prosper with his new operational
responsibilities,” said Charles A. Ledsinger, Jr., vice chairman and CEO.
“In promoting Joe to the position of president and COO, and making the
other related organizational moves, the board is taking a very important
step in our plan to build upon our bench strength within the top leadership
of the company and to ensure the company’s continued growth and success,”
In his new position as president and COO, Squeri will have accountability
and operating responsibility for the entire franchising operation, creating
a seamless oversight in all of the various operating units, including international,
marketing and reservations, information technology, brand management, franchise
development, field hotel services and Choice’s business-to-business procurement
“I am extremely excited to take on an even larger role in the leadership of the company,” said Squeri. “Over the past eight years, I have had the honor of working with and learning from Chuck, during which time we developed a hotel franchising business model that has led to solid growth and helped establish Choice as one of the best performing companies in the lodging industry.”
Squeri added, “Our new organizational structure is designed to build collaboration across the entire franchising operation, which will enable us to leverage the company’s strengths and related synergies for the benefit of our shareholders, franchisees and associates.”
Since joining the company in 1997 as vice president and controller,
Joe Squeri has served in a number of positions of increasing scope and
responsibility. As controller, he led Choice’s efforts to establish itself
as a separate public company after a spin-off. In 1999, he was promoted
to senior vice president and chief financial officer. In this capacity,
Squeri led Choice through an aggressive recapitalization program.
In 2002, Squeri was promoted to executive vice president, development and
chief financial officer, and in 2004, he assumed responsibility for the
organization’s brand strategy and new product function. In 2005, he was
promoted to executive vice president, operations and chief financial officer.
Squeri is a graduate of the University of Virginia, McIntire School of
Commerce and is a certified public accountant. He began his professional
career in July 1987 with Arthur Andersen. In 1997, Squeri joined The Carlyle
Group, a leading investment firm in Washington, DC.
In related moves, the board of directors also announced the following changes:
Michael DeSantis named senior vice president, senior strategic advisor and corporate secretary
In addition to oversight of the legal function, former General Counsel Michael DeSantis will oversee the company’s corporate real estate development group, which has been established to seek investment and business opportunities for Choice, especially in the company’s growth brands of Cambria Suites and Suburban Extended Stay Hotel, and to stimulate new and innovative ideas for the company’s core business. In addition, he will continue to serve as corporate secretary and as the principal liaison with the company’s Board of Directors. DeSantis continues to report to Chuck Ledsinger.Paul Mamalian named general counsel
Formerly assistant general counsel for Choice, Paul Mamalian will report to Michael DeSantis and be responsible for the day-to-day management of the legal function, including SEC and corporate filings, acquisitions, franchise issues, risk management, litigation and labor law.David White named chief financial officer
Formerly controller for the company, David White will report to Chuck Ledsinger and provide critical oversight and leadership of the finance organization, including treasury, tax and internal audit.Scott Oaksmith named controller
Formerly assistant controller for Choice, Scott Oaksmith will report to David White and be responsible for the company’s corporate reporting and accounting.About Choice Hotels
Choice Hotels International franchises more than 5,200
hotels, representing more than 430,000 rooms, in the United States and
more than 40 countries and territories. As of June 30, 2006, 687
hotels are under development in the United States, representing 53,765
rooms, and an additional 65 hotels, representing 5,993 rooms, are under
development in more than 20 countries and territories. The company’s
Cambria Suites, Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn,
Econo Lodge, Rodeway Inn, MainStay Suites and Suburban Extended Stay Hotel
brands serve guests worldwide.
David Peikin, Senior Director
|Also See:||Choice Hotels International Promotes Fran Taloricco to Vice President, Conversion Franchise Sales and Brad LeBlanc to Vice President, New Construction Franchise Sales / August 2006|
|Joseph M. Squeri Promoted to Choice Hotels' Executive Vice President, Operations, and Chief Financial Officer / May 2005|
|Hotel Industry Veteran Charles A. Ledsinger, Jr Named as President and CEO at Choice Hotels International / Aug 1998|
|Cambria Suites, Choice Hotels New All-suites Brand, Has 23 Executed Contracts, With Boise, Idaho, and Green Bay, Wisconsin Under Construction / May 2006|