Summit CEO Dan Hansen leaves his post

  • Push-out Score determined
  • After almost 11 years in the position
  • Praise and thanks for Hansen
  • Jon Stanner taking over
  • Hansen will remain as Executive Chairman at Summit
  • Hansen said 81 words

(exechange) — Austin, Texas, December 17, 2020 — Dan Hansen, chief executive of Summit, leaves his position. As announced by Summit Hotel Properties Inc. in a news release on Thursday, December 17, 2020, Daniel P. (Dan) Hansen leaves his post as chief executive officer of the real estate investment trust after almost 11 years in the role, effective January 15, 2021.

Dan Hansen’s duties as CEO will be taken over by Jonathan P. (Jon) Stanner, currently Chief Financial Officer of Summit Hotel Properties Inc.

“The Company has initiated a comprehensive search process with the assistance of a leading executive recruiting firm to identify a new Chief Financial Officer,” Summit stated.

No reason given

In the announcement, Summit did not explicitly explain the reason for Dan Hansen’s move, leaving room for speculation.

Hansen will remain as Executive Chairman at Summit

“Dan Hansen, Chairman, President and Chief Executive Officer will transition to the role of Executive Chairman of the Board of Directors effective January 15, 2021,” Summit said.

Share price decline since December 2017

The announcement follows a decline in Summit Hotel Properties Inc.’s share price of 35% since December 2017.

In the position of CEO since 2010

Dan Hansen became CEO of the Company in 2010.

Hansen will work closely with Stanner on his transition to Chief Executive Officer and will assume the overall responsibilities of Executive Chairman, including continued collaboration with the Board and Summit’s executive team in the execution of the Company’s strategic plans.

Hansen serves as the Company’s Chairman, President and Chief Executive Officer.

He serves on the Board of the American Hotel & Lodging Association and on advisory councils of multiple hotel brands.

Hansen joined The Summit Group in October of 2003 as Vice President of Investor Relations.

His responsibilities included leading the capital raising efforts for the Company’s predecessor’s private placements of its equity securities and assisting in acquisition due diligence.

In 2005, he was appointed to the Company’s predecessor’s Board of Managers and promoted to Executive Vice President, in which capacity he was part of the team that acquired over $140 million of hotel properties and led the development of over $240 million of hotel assets.

In 2008, he was appointed to President and Chief Financial Officer of The Summit Group.

His primary responsibilities included the development and execution of growth strategies, raising equity capital and hotel development and acquisition.

Prior to joining The Summit Group, Hansen spent 11 years with Merrill Lynch, Pierce, Fenner & Smith Incorporated, or Merrill Lynch, in various leadership positions culminating as a Vice President and Regional Sales Manager in the Texas Mid-South Region, which included Texas, Louisiana, Arkansas and Oklahoma.

Hansen graduated from South Dakota State University with a B.A. in Economics.

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.

exechange reached out to Summit and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 51.2020 ($).