LaSalle Hotel Properties (LHO), a multi-operator real estate investment trust, Monday named Michael Barnello as its Chief Executive Officer and its Lead Director Stuart Scott as acting Chairman, both effective immediately.
Barnello succeeds Jon Bortz who resigned his position, effective September 13, 2009, to pursue other opportunities. Bortz has also left his position as Trustee and Chairman, accelerating the previously announced succession plan.
As per the original succession plan announced on June 02, 2008, Michael Barnello was designated to take over as Chief Executive Officer on July 1, 2010, when Bortz resigns his position. The plan also conceived of Bortz continuing as Chairman of the board after his retirement.
Commenting on the new CEO appointment, Lead Director Stuart Scott said, "We are very excited to have Michael stepping into the CEO role. He has been with the company since it went public in 1998 and has had a key role in both the development and execution of its strategies."
Barnello has been with LaSalle Hotel Properties as Chief Operating Officer and Executive Vice President of Acquisitions and President of LaSalle Hotel Lessee, Inc. since its formation.
Jon Bortz has been the President and Chief Executive Officer of LaSalle Hotel Properties since its formation and has also served as the Chairman of the company's board of trustees since January 1, 2001.
LHO is currently trading at $17.53, down $0.49 or 2.72%, on the NYSE.
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