- After almost ten years on the job
- Accolades, praise and thanks for Joyce
- Joyce will remain as Vice Chairman of the Board at Choice Hotels
- Joyce spoke at length and said 108 words
(exechange) — Rockville, Maryland, July 13, 2017 — Steve Joyce, chief executive of Choice Hotels, hands over the reins. As announced by Choice Hotels International, Inc. in a news release and in a regulatory filing published on Thursday, July 13, 2017, Stephen P. (Steve) Joyce leaves the post as Chief Executive Officer at the hospitality company after almost ten years on the job, effective December 31, 2017.
Joyce’s duties are taken over by Pat Pacious, currently President and Chief Operating Officer at Choice Hotels International, Inc.
“Culmination of a thoughtful, deliberate, long-term succession planning process”
The management change is explained as follows. Choice Hotels said: “The appointment of Pacious as President and CEO is the culmination of a thoughtful, deliberate, long-term succession planning process, focused on maintaining leadership continuity, while driving new ideas that result in continued positive business growth now and into the future. Over the past several years, Joyce has collaborated with the Board of Directors to identify and prepare his successor. The Board and Joyce identified Pacious as the right person to lead Choice into the future.”
Joyce will remain as Vice Chairman of the Board at Choice Hotels
“Joyce will continue in his role as CEO through the end of the year, after which he will assume the role of Vice Chairman of the Board,” Choice Hotels said.
Choice Hotels said: “Mr. Pacious will succeed Stephen P. Joyce as Chief Executive Officer, who will step down as Chief Executive Officer, effective December 31, 2017.”
Share price rise since October 2016
The change follows a rise in the share price of Choice Hotels International, Inc. since October 2016.
Chaired by Stewart Bainum, Jr.
Choice Hotels International, Inc. is chaired by Stewart Bainum, Jr.
Stewart W. Bainum, Jr. has been Chairman of Choice Hotels International since October 1997, and has been affiliated with Choice since 1976.
On the job as CEO since 2008
Joyce has served as president and chief executive officer of Choice Hotels International, Inc. since June 2008, where he has also been a director since 2008.
Stephen P. Joyce is chief executive officer, and member of the board of directors of Choice Hotels International, Inc.
With a career in the lodging industry spanning over three decades, Joyce has a proven track record of developing and growing some of the best-known hotel brands in markets worldwide.
Since Joyce took the helm of Choice Hotels in 2008, he has led the company on an impressive and focused growth strategy, resulting in a significant gain in the company’s market share position, expansion into new markets and the advancement of new brands.
In his first four years of leadership as president and CEO of the company, during one of the most historically challenging environments for the industry, Choice outpaced industry supply growth and increased market share, as well as led hotels in the Choice system to improved guest satisfaction results and RevPAR index versus its competitors.
In addition, Joyce’s leadership has resulted in further enhancements to the company’s marketing strategies, brand awareness and eCommerce initiatives, including the launch of the industry’s first global iPhone application and the highest year-over-year growth in the company’s award-winning Choice Privileges rewards program, which surpassed 18 million members.
Joyce also has greatly expanded Choice’s industry profile and corporate social responsibility initiatives, including the establishment of a multi-year signature cause partnership with Rebuilding Together, the nation’s leading nonprofit working to preserve affordable homeownership and revitalize communities throughout the United States.
Since the program launch in September 2009, Choice associates and franchisees have donated almost 10,000 volunteer hours and helped make a difference in local communities across the U.S. by serving nearly 11,000 individuals.
The estimated market value of the Room to Rebuild projects is over 3.2 million dollars.
Prior to joining Choice Hotels in May 2008, Joyce served as executive vice president, global development/owner & franchise services for Marriott International, Inc., where he was responsible for the development of Marriott’s lodging brands worldwide.
Under his leadership at Marriott, its global development group successfully grew the company’s hotel brands worldwide including all mixed-use and real estate development.
Prior to leading Marriott’s growth efforts, Joyce held previous positions in franchising, finance and operational consulting.
An active member of the lodging industry and business community, Joyce serves on a variety of boards and community organizations.
A long-standing member of the International Franchise Association, Joyce has held many leadership roles there and is the incoming chairman, effective 2014.
He is the former chairman of the U.S. Travel Association and is currently the vice chairman of the board of trustees of the ServiceSource Foundation.
He has served as a member of the board of directors for: DineEquity, Inc. (NYSE: DIN); the Wolf Trap Foundation for the Performing Arts; the Autism Learning Center; and The Real Estate Roundtable.
Joyce was a recipient of the 2010 Community Partner Award from ServiceSource Foundation and was also named Maryland Business Gazette’s 2010 Executive of the Year. In 2012, he was honored by the Hospitality Division of the UJA-Federation of New York for his outstanding professional and philanthropic work.
Joyce holds a bachelor’s degree in commerce from the University of Virginia and has done graduate work at Cornell University, Wharton Business School, and the Aspen Institute.
Read the full story in the exechange report 29.2017 ($).