TravelCenters of America Inc. Appoints Jonathan Pertchik as Chief Executive Officer and Managing Director
December 16 2019 - 6:59AM
Business Wire
Seasoned Executive Brings Significant
Leadership Experience and Turnaround Expertise from Multiple
Businesses and Industries
TravelCenters of America Inc. (Nasdaq: TA) today announced that
Jonathan M. Pertchik has been appointed as Chief Executive Officer
and Managing Director effective immediately. Mr. Pertchik succeeds
Andrew J. Rebholz, who will continue to advise the company through
June 30, 2020.
Adam Portnoy, Chair of the TA Board and President and CEO of The
RMR Group (Nasdaq: RMR), said, “Jon is a seasoned executive who has
led multiple businesses in different industries through various
stages of transformation and growth over the past 20 years. The TA
Board is confident that his proven track record and engaged
management style will advance TA and lead to improved cash flows
and enhanced performance.”
Previously, Mr. Pertchik served as an executive for companies
owned or controlled by private equity groups, including Starwood
Capital Group, TPG, Carl Icahn, Richard LeFrak and Perry Capital.
In his most recent role, Mr. Pertchik served as CEO of Intown
Suites, the largest wholly-owned, extended stay hotel chain in the
United States, where he doubled EBITDA through disciplined cost
control and transformative growth initiatives. Prior to this, Mr.
Pertchik was CEO of ST Residential, a joint venture with the FDIC,
which managed the work-out of a $5 billion portfolio of loans and
real estate from Corus Bank.
Mr. Pertchik said, “I am looking forward to applying established
transformative practices from my prior turnaround experience to
increase cash flows and margins and create a more efficient
organization. TA is an impressive company with a long history of
successfully serving both professional drivers and highway
motorists, and I am excited to build upon this great company’s
unique position in the marketplace.”
Mr. Portnoy added, “On behalf of the TA Board, we thank Andy for
his over 22 years of dedication to TA. Over a long and
distinguished career at TA, Andy has made significant contributions
to the Company’s success, and we wish him the very best as he
prepares for his retirement.”
Mr. Pertchik holds a B.A. from Rutgers University, a J.D. from
the District of Columbia School of Law, and an L.L.M. in
International Finance Law from the Georgetown University Law
Center.
Korn Ferry, a leading global executive search firm, assisted TA
in the recruitment process.
About TravelCenters of America Inc.:
TA's nationwide business includes travel centers located in 43
U.S. states and in Canada and standalone restaurants in 13 states.
TA's travel centers operate under the "TravelCenters of America,"
"TA," "TA Express," "Petro Stopping Centers" and "Petro" brand
names and offer diesel and gasoline fueling, restaurants, truck
repair services, travel/convenience stores and other services
designed to provide attractive and efficient travel experiences to
professional drivers and other motorists. TA's standalone
restaurants operate principally under the "Quaker Steak & Lube"
brand name.
Warning Concerning
Forward-Looking Statements
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws.
Also, whenever TA uses words such as “believe”, “expect”,
“anticipate”, “intend”, “plan”, “estimate”, "will", “may” and
negatives or derivatives of these or similar expressions, TA is
making forward-looking statements. These forward-looking statements
are based upon TA’s present intent, beliefs or expectations, but
forward-looking statements are not guaranteed to occur and may not
occur. Actual results may differ materially from those contained in
or implied by TA’s forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors, some of which are beyond TA’s control. For example:
- The appointment of Mr. Pertchik as Chief Executive Officer and
Managing Director and the enumeration of his experiences and
qualifications may imply that TA’s business and operations will
improve as a result of his appointment. However, TA’s business and
operations are subject to various risks, many of which are beyond
TA’s control. As a result, TA’s business and operations may not
improve despite the appointment of Mr. Pertchik.
The information contained in TA’s filings with the Securities
and Exchange Commission, or SEC, including under “Risk Factors” in
TA’s periodic reports, or incorporated therein, identifies other
important factors that could cause TA’s actual results to differ
materially from those stated in or implied by TA’s forward-looking
statements. TA’s filings with the SEC are available on the SEC’s
website at www.sec.gov.
You should not place undue reliance upon forward-looking
statements.
Except as required by law, TA does not intend to update or
change any forward-looking statements as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20191216005184/en/
Kristin Brown, Director, Investor Relations (617) 796-8251
TravelCenters of America (NASDAQ:TA)
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