Choice Hotels International (CHH) Accelerates CEO Succession Plan
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Choice Hotels International (NYSE: CHH) has accelerated its previously announced management succession plan. Stephen P. Joyce will assume the chief executive officer role effective June 26, 2008, with Charles A. Ledsinger, Jr. remaining non-executive vice chairman of the company's board of directors.
The company is executing a restated employment agreement with Mr. Ledsinger to reflect the accelerated succession and will take an after-tax accounting charge, currently estimated to be approximately $3.5 million to $4.0 million (or $.06 diluted earnings per share).[SM]
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