Extended Stay America Announces Chief Financial Officer Transition
September 11 2020 - 8:30AM
Extended Stay America, Inc. and its paired-share REIT, ESH
Hospitality, Inc. (together, the “Company”) (NASDAQ:STAY), the
largest mid-priced extended stay hotel brand, today announced that
David Clarkson has been appointed Chief Financial Officer,
effective September 11, 2020. Mr. Clarkson will succeed Brian
Nicholson, who has resigned from the Chief Financial Officer role
effective immediately to pursue other interests. Mr.
Nicholson will continue with STAY in a consulting role until
February 26, 2021 to assist with the transition. Mr.
Nicholson’s resignation is not related to any issues involving the
Company's operations, financial statements, internal controls,
policies or practices.
Mr. Clarkson brings more than 25 years of
corporate finance experience to the Company. Mr. Clarkson,
(49) has served as Vice President of Financial Planning &
Analysis and Treasurer of the Company since September 2015 and
Treasurer since May 2013. Mr. Clarkson served as Interim
Chief Financial Officer of the Company from January 2018 until May
2018. Mr. Clarkson served as Director of Corporate Finance
from May 2011 until May 2013. Prior to joining the Company in
2011, Mr. Clarkson was Vice President of Finance and Development
for The Clarkson Group, a real estate company focused primarily on
limited service hotel development. Between 1996 and 2004, Mr.
Clarkson held various positions in finance and revenue management
for the Company’s predecessor, Extended Stay America, Inc. Mr.
Clarkson is a graduate of Dartmouth College, holds an MBA from the
University of Miami, and is a CFA charterholder.
“I want to thank Brian for his contribution to
Extended Stay America. He has built a strong finance leadership
team, and we are fortunate to have a very deep bench to draw on to
ensure a smooth transition,” said Bruce Haase, President and Chief
Executive Officer. “Few if any persons have the depth of
institutional knowledge about Extended Stay America that David
Clarkson has amassed over his seventeen years of service with the
Company, and I believe no one is more qualified to take over as its
Chief Financial Officer. With David’s appointment, we have an
executive team with exceptionally talented individuals with deep
understanding of our extended stay business, dedication to
improving the business, building the Extended Stay America brand,
and growing shareholder value.”
Mr. Clarkson said, “I’d like to thank Bruce and
the Boards of Directors for appointing me to succeed Brian as Chief
Financial Officer. We will continue to successfully navigate
the company through the pandemic, ensure that we emerge on solid
financial footing, and position the company for growth in the
recovery.”
Forward Looking StatementsThis
release contains forward-looking statements within the meaning of
the federal securities laws. These statements include, but are not
limited to, statements related to our expectations regarding our
business performance, financial results, liquidity and capital
resources, capital expenditures, distribution policy, plans, goals,
beliefs, business trends and future events, as well as the impact
of the COVID-19 pandemic, its effects on the foregoing, government
actions taken in response to the pandemic and actions that we have
or plan to take in response to the pandemic and other
non-historical statements. Forward looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the Company’s actual results or performance to differ from those
projected in the forward-looking statements, possibly materially.
For a description of factors that may cause the Company’s actual
results or performance to differ from projected results or
performance implied by forward-looking statements, please review
the information under the headings “Cautionary Note Regarding
Forward-Looking Statements” and “Risk Factors” included in the
Company’s combined annual report on Form 10-K filed with the
Securities and Exchange Commission (“SEC”) on February 26, 2020 and
other documents of the Company on file with or furnished to the
SEC, including the Company’s combined quarterly report on Form 10-Q
filed on August 10, 2020. Any forward-looking statements made in
this release are qualified by these cautionary statements, and
there can be no assurance that the actual results or developments
anticipated by the Company will be realized or, even if
substantially realized, will have the expected consequences to, or
effects on, the Company, its business or operations. Except
as required by law, the Company undertakes no obligation to update
publicly or revise any forward-looking statement, whether as a
result of new information, future developments or otherwise. We
caution you that actual results may differ materially from what is
expressed, implied or forecasted by the Company’s forward-looking
statements.
About Extended Stay
AmericaExtended Stay America® is the leading brand in the
mid-priced extended stay segment in the U.S. with 638 hotels.
ESH Hospitality, Inc. (“ESH”), a subsidiary of Extended Stay
America, Inc. (“ESA”), is the largest lodging REIT in North America
by unit and room count, with 562 hotels and over 62,000 rooms in
the U.S. ESA also manages or franchises an additional 76 Extended
Stay America® hotels. Visit www.esa.com for more information.
Contacts
Investors and Media: Rob Ballew(980) 345-1546
investorrelations@esa.com
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