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Choice Hotels accelerates CEO succession
Choice Hotels International’s upcoming new CEO Pat Pacious will take the helm earlier than expected.
A succession plan was already in place for Pacious to succeed current CEO Steve Joyce in January but that has been brought forward as Joyce is leaving to become CEO at DineEquity Inc.
The changeover will now take place on September 12.
Choice had always said there had been a long-standing transition plan in place with president and chief operating officer Pacious taking on roles with more responsibility in recent years.
"The CEO succession of Steve to Pat is the culmination of a deliberate, long-term planning process focused on maintaining leadership continuity and continued positive business growth," said Stewart Bainum, Jr., chairman of Choice’s board of directors.
"We are grateful to Steve for his many valuable contributions and wish him the best in his future leadership role. The board of directors is delighted to have Pat at the helm of Choice Hotels, as he is an accomplished leader in the organization.
Joyce takes over at DineEquity amid declining sales for its restaurant business.
DineEquity just announced up to 160 of its Applebee’s and IHOP restaurants will close.
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