Red Lion Hotels Corp president and CEO Greg Mount has been ousted with immediate effect.
Mount also resigned from the company’s board of directors.
The company has initiated a search for a new chief and will be engaging an executive search firm as soon as possible.
Poor financial results were blamed for the change.
"The board recognizes the operational performance of the company has not progressed as anticipated. Action was necessary, starting with a search for a new CEO," said board chairman Bob Wolfe.
"The company now needs to put all its effort into building around a strong business proposition for its franchisees and delivering value to shareholders. This effort will take time and will require the right leadership to navigate the challenges and the opportunities."
Until a new CEO is found, operational management will be handled by a management committee of executives including Gary Sims, EVP and COO, Julie Shiflett, EVP and CFO, and Thomas L. McKeirnan, EVP and general counsel.
