Summit CFO Greg Dowell leaves

  • Push-out Score suggests push-out forces
  • After about three years and a half in the position
  • Praise for Dowell
  • Jon Stanner taking over
  • Dowell spoke briefly and said 43 words

(exechange) — Austin, Texas, November 13, 2017 — Greg Dowell, finance chief of Summit, leaves. His departure is made public at an early stage. As announced by Summit Hotel Properties, Inc. in a news release and in a regulatory filing published on Monday, November 13, 2017, Gregory A. (Greg) Dowell, Chief Financial Officer, leaves the real estate investment trust after about three years and a half in the position, effective March 31, 2018.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.6 years, according to data compiled by exechange.

Dowell’s move comes ten months after Daniel P. Hansen took over as chairman of Summit Hotel Properties, Inc.

Dowell’s duties are taken over by Jon Stanner, currently EVP and Chief Investment Officer at Summit Hotel Properties, Inc.

No reason given

In the announcement, Summit did not explicitly explain the reason for Dowell’s move, opening the door for speculation.

Precise information about the future plans of Dowell was not immediately available.

“Retire”

Summit said: “Gregory A. Dowell, its EVP and Chief Financial Officer, plans to retire from the Company on March 31, 2018.”

Summit further said: “On November 9, 2017, Gregory A. Dowell, Executive Vice President and Chief Financial Officer of Summit Hotel Properties, Inc. … notified the Company of his intent to retire from the Company effective March 31, 2018.”

“No disagreements”

“There were no disagreements between Mr. Dowell and the Company,” Summit said.

It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.

Share price decline

The change follows a decline in the share price of Summit Hotel Properties, Inc. since June 2017.

Chaired by Daniel P. Hansen

Summit Hotel Properties, Inc. is chaired by Daniel P. Hansen.

Daniel P. Hansen is the Chief Executive Officer and President at Hotel Properties, Inc. since June 2010 and serves as its Chairman of the Board since January 18, 2017.

In the position of CFO since 2014

Greg A. Dowell has been Chief Financial Officer, Executive Vice President and Treasurer at Summit Hotel Properties, Inc. since October 1, 2014.

Dowell serves as the Company’s Executive Vice President, Chief Financial Officer and Treasurer.

Dowell joined Summit Hotel Properties in October of 2014.

Prior to joining Summit, Dowell held the position of Senior Executive Vice President and Chief Operating Officer at American Campus Communities (NYSE:ACC).

During his thirteen-year tenure, Dowell managed all aspects of operations, facilities management, human resources, information technology and various aspects of accounting and systems development.

He played a key role in the development of ACC’s specialized operating platform which facilitated American Campus Communities becoming the first student housing REIT to be publicly traded in 2004.

Prior to joining ACC in 2001, Dowell spent ten years in progressive capacities with Century Development where he began as an accountant and ultimately served as Senior Vice President of Management Services over the student housing portfolio.

Dowell received his B.S. in Accounting from the University of Louisiana at Lafayette and is a Certified Public Accountant.

He has played a key role in the long-term succession planning for the Company and will continue to work closely with his successor during the upcoming transition period.

At the time of Dowell’s appointment as Chief Financial Officer at Summit, Daniel Hansen, President and Chief Executive Officer of Summit Hotel Properties, had said: “We are extremely pleased to have Greg join our Summit management team. He brings extensive and valuable experience with public company REITs, specifically in finance, accounting, capital markets and operations. His expertise and proven leadership will greatly enhance our systems and processes as we continue to execute our strategy.”

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Greg Dowell’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 47.2017 ($).