- After almost 16 years in the position
- Praise, thanks and good wishes for Brugger
- Jeff Donnelly taking over
(exechange) — Bethesda, Maryland, April 15, 2024 — Mark Brugger, chief executive of DiamondRock, leaves his position. As announced by DiamondRock Hospitality Co. in a news release and in a regulatory filing published on Monday, April 15, 2024, Mark W. Brugger leaves his post as chief executive officer at the real estate investment trust, after almost 16 years in the role, effective immediately.
It is the end of an era.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Mark Brugger’s duties as CEO will be taken over by Jeffrey J. (Jeff) Donnelly, previously Chief Financial Officer at DiamondRock Hospitality Co.
Mark Brugger’s move coincides with a management shake-up also involving the positions of President; and Chief Investment Officer.
“To drive continued business momentum”
DiamondRock did not give an explicit reason for Mark Brugger’s departure from the CEO post. DiamondRock stated: “DiamondRock Hospitality Company (the “Company”) (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States, today announced leadership changes and a simplified organizational structure to drive continued business momentum.”
Precise information regarding Mark Brugger’s future plans was not immediately available.
“Departing”
DiamondRock said: “Jeffrey Donnelly, previously Executive Vice President and Chief Financial Officer, has been appointed Chief Executive Officer. Mr. Donnelly is expected to join the Company’s Board of Directors after the 2024 Annual Meeting of Stockholders, which will be held in May. He succeeds Mark Brugger, who, after 20 years of service, is departing the Company.”
Share price decline since April 2019
The announcement follows a decline in DiamondRock Hospitality Co.’s share price of 15% since April 2019.
In the position of CEO since 2008
Mark Brugger became CEO of the Company in 2008.
Mark W. Brugger has served as the Company’s Chief Executive Officer since September 1, 2008.
Brugger was a co-founder of the Company having served as Executive Vice President, Chief Financial Officer and Treasurer prior to being promoted to Chief Executive Officer.
He has received recognition for his work at DiamondRock, including being named to Forbes’ list of America’s Most Powerful CEOs 40 and Under.
Brugger also served as a member of the Board of Directors of Chambers Street Properties from 2013 to 2015, resigning shortly before it merged with another publicly-traded company.
Brugger serves on the Board of Directors of the American Hotel & Lodging Association.
Brugger’s prior work experience includes several roles at Marriott International, Inc. from 2000 to 2004, including the Chief Executive Officer of their synthetic fuels company and Vice President of Project Finance.
From 1997 to 2000, Brugger served as Vice President of Investment Sales of Transwestern Commercial Services, formerly the Carey Winston Company.
From 1995 to 1997, Brugger was the Land Development Director for Brookfield Residential Properties, Inc. (formerly Coscan Washington, Inc.).
Brugger received a Juris Doctorate cum laude from American University Washington College School of Law in 1995 and a B.A. from the University of Maryland at College Park in 1992.
No statement by Mark Brugger
In the release announcing his departure as CEO of DiamondRock Hospitality Co., Mark Brugger received praise, thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Mark Brugger.
The above text is an excerpt from the exechange report 17.2024 ($), publication date April 22, 2024.