- Push-out Score determined
- After about six years in the position
- Responsibilities redistributed
- Search for a successor
(exechange) — Denver, Colorado, November 8, 2019 — Greg Mount, chief executive of Red Lion, leaves. As announced by Red Lion Hotels Corp. in a news release and in a regulatory filing published on Friday, November 8, 2019, Gregory T. (Greg) Mount has left his post as Chief Executive Officer at the hotel company after about six years in the role, effective November 7, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange.
Red Lion will undertake a search for a successor.
Following Greg Mount’s departure, the position of Chief Executive Officer will not be filled for the time being. Greg Mount’s responsibilities are being redistributed.
“Action was necessary”
Greg Mount’s departure from the CEO post is explained as follows. Bob Wolfe, Chairman of the Board, said: “The board recognizes the operational performance of the Company has not progressed as anticipated. Action was necessary, starting with a search for a new CEO.”
Precise information regarding Greg Mount’s future plans was not immediately available.
Red Lion said: “Red Lion Hotels Corporation (the “Company”) (NYSE: RLH), today announced that its President and Chief Executive Officer, Greg Mount, resigned his position with the Company, effective immediately. Mr. Mount has also resigned from the Company’s Board of Directors, effective immediately.”
Red Lion further said: “Greg T. Mount, President and Chief Executive Officer and Director of Red Lion Hotels Corporation, resigned his positions with the Company, effective November 7, 2019.”
“There were no disagreements between the Company and Mr. Mount on any matter relating to the Company’s operations, policies or practices which led to his resignation,” Red Lion said.
Share price decline
The announcement follows a decline in Red Lion Hotels Corporation’s share price of 50% since September 2018.
Chaired by Robert G. Wolfe
Red Lion Hotels Corporation is chaired by Robert G. Wolfe.
Wolfe was appointed a director in December 2012.
In the position of CEO since 2014
Greg Mount became CEO of the Company in January 2014.
Gregory T. Mount has been a director since November 2014.
Mount joined the Company as President and Chief Executive Officer in January 2014.
From November 2009 to January 2014, he served as President of Richfield Hospitality, Inc., a hotel management company based in Denver, Colorado.
From January 2007 to November 2009, he served as a Senior Vice President of Acquisitions at Sage Hospitality Resources, LLC, a hotel management, investment and development company.
From 1998 to 2006, Mount held various senior development and operations positions with Starwood Hotels & Resorts Worldwide, Inc.
From 1990 to 1998, he served in several management positions at Interstate Hotels & Resorts, Inc.
From 1982 to 1990, he worked in various operational roles at Marriott International, Inc.
In early 2011, a staffing services company operated by Mount’s wife filed a petition for reorganization under federal bankruptcy laws.
That case was administratively consolidated with a second reorganization case filed by the Mounts, who had personally guaranteed the commercial loan used to acquire the company.
A joint plan of reorganization was confirmed in the fall of 2011, and in 2012 orders were entered finding both cases fully administered and discharging the individual debtors.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 45.2019 ($).