- Push-out Score determined
- After about four years in the position
- Todd Hargreaves taking over
(exechange) — Newton, Massachusetts, March 14, 2022 — John Murray, chief executive of Service Properties Trust, leaves. As announced by Service Properties Trust in a news release and in a regulatory filing published on Monday, March 14, 2022, John G. Murray leaves his post as chief executive officer at the real estate investment trust, after about four years in the role, effective March 31, 2022.
John Murray’s duties as CEO will be taken over by Todd Hargreaves, currently Vice President and Chief Investment Officer at Service Properties Trust, as President and Chief Investment Officer.
Murray will be President and Chief Executive Officer at Sonesta
“Mr. Hargreaves succeeds John Murray, who is becoming President and Chief Executive Officer of Sonesta International Hotels Corporation (Sonesta) effective April 1, 2022. Mr. Murray has been a member of SVC senior management since 1995 and he will continue to serve as a Managing Trustee of SVC,” Service Properties Trust said.
Sonesta is a hospitality company.
“Resigned”
Service Properties Trust said: “On March 10, 2022, John G. Murray resigned as our President and Chief Executive Officer, effective March 31, 2022, in order to become President and Chief Executive Officer of Sonesta International Hotels Corporation. On that same date, our Board of Trustees appointed Todd W. Hargreaves, currently our Vice President and Chief Investment Officer, as our President, effective April 1, 2022, in addition to continuing in his current office of Chief Investment Officer.”
Share price decline since March 2019
The announcement follows a decline in Service Properties Trust’s share price of 70% since March 2019.
In the position of CEO since 2018
John Murray became CEO of the Company in 2018.
Murray has been the Company’s Managing Trustee, President and Chief Executive Officer since 2018.
He was President and Chief Operating Officer from 1996 to 2018.
Murray was the Company’s Treasurer and Chief Financial Officer from the time the Company completed its initial public offering in 1995 until he became President in 1996.
Murray oversees all of SVC’s property acquisition and disposition activities.
Murray has held various positions with related entities of SVC since 1993.
Murray is on Marriott International’s Owner Advisory Council and is a member of the Urban Land Institute Hotel Development Council.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding John Murray’s move on a scale of 0 to 10.
exechange reached out to Service Properties Trust and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 12.2022 ($).