SIOUX FALLS, S.D., May 11, 2012 /PRNewswire/ -- LodgeNet Interactive
Corporation (NASDAQ:LNET) announced today that R. Douglas Bradbury, an independent director of
the Company since 1999, has been appointed Chairperson of the Board
of Directors, succeeding Scott C.
Petersen, who remains as Chief Executive Officer and Board
member.
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Mr. Bradbury said, "by separating the Chair and the CEO
positions, LodgeNet not only demonstrates its commitment to
corporate governance best practices, but it allows Mr. Petersen to
focus more of his time and effort on the Company's strategic
opportunities. As Chairperson, I look forward to working
closely with the Board and management on defining strategy and
driving shareholder value."
"LodgeNet is in the process of evaluating various potential
partnerships, alliances, and other options to expand, strengthen,
and grow our business," said Mr. Petersen. "We believe there
are a number of opportunities open to the Company; and we, with the
assistance of our outside advisors, are highly focused on their
pursuit."
In this regard, LodgeNet also announced today the resignation of
independent director Edward L.
Shapiro. Mr. Shapiro, a partner at PAR Capital
Management, joined LodgeNet's Board in 2010. In addition to
being a significant LodgeNet shareholder, Mr. Shapiro's firm also
makes investments from time to time in various companies in the
media, entertainment, and travel industries. In announcing
his resignation, Mr. Shapiro informed the Board that his decision
was not based on any disagreements with the company, and indicated
that his intent is to eliminate any potential conflicts that could
arise as a result of his service on the LodgeNet Board and his
firm's other current or future investments. Mr. Shapiro said,
"It has been a pleasure and privilege to serve on LodgeNet's Board
and to help position the company for long-term success."
Mr. Bradbury stated, "We appreciate Ed's guidance and industry
perspective throughout his tenure on the Board. Although we
will certainly miss Ed's involvement on the Board, we understand
his decision and believe it to be in the best interest of both PAR
Capital Management and LodgeNet at this time." There are no
current plans to fill the vacancy created by Mr. Shapiro's
resignation.
About LodgeNet
LodgeNet Interactive Corporation is the leading provider of
interactive media and connectivity services to hospitality and
healthcare businesses and the consumers they serve. Recently named
by Advertising Age as one of the Leading 100 US Media Companies,
LodgeNet Interactive serves approximately 1.6 million hotel rooms
worldwide in addition to healthcare facilities throughout
the United States. The Company's
services include: Interactive Television, Broadband and Advertising
Media Solutions along with nationwide technical and professional
support services. LodgeNet Interactive Corporation owns and
operates businesses under the industry leading brands: LodgeNet,
The Hotel Networks and LodgeNet Healthcare. LodgeNet Interactive is
listed on NASDAQ and trades under the symbol LNET. For more
information, please visit www.lodgenet.com.
Certain statements in this press release constitute
"forward-looking statements." When used in this press release, the
words "will," "expects," "anticipates," "estimates," "believes,"
"goal," and similar expressions, and statements which are made
in the future tense or refer to future events or developments are
intended to identify such forward-looking statements. Such
forward-looking statements are subject to risks, uncertainties and
other factors that could cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
LodgeNet is a registered trademark of LodgeNet Interactive
Corporation.
SOURCE LodgeNet Interactive Corporation