Jerry Herman to Step Down as Arlington Hospitality, Inc. CEO at Year End
Arlington Hospitality, Inc. (Nasdaq/NM: HOST), a hotel development and management company, announced that Jerry H. Herman has stepped down from the board of directors effective immediately but will remain as the company's president and CEO until the end of 2004.
"It has been a pleasure working with Jerry these past two years," said Kenneth M. Fell, Arlington's chairman of the board. "Along with the board, he helped develop a new strategy and chart a progressive course that has led the company through a difficult downturn in the industry. Arlington now has a more solid foundation, and the company is in a good position to move forward, just as the industry recovery is gaining momentum. We appreciate all of his efforts on behalf of our employees and shareholders, and wish him well in his new endeavors. Arlington's board of directors has formed a committee to oversee the search for Herman's replacement, and plans to engage a national search firm in the near future to assist us in finding a successor."
"We have made progress in implementing our new strategy and business plan for Arlington, and I believe the company is now in a better position to return to the path of growth," Herman said. "I have commuted from my home in Washington, D.C. these past two years, and for personal reasons I cannot relocate to Chicago at this time. It has been a pleasure to work with the board to create a new strategic vision for Arlington and to work with the great team of 800 associates in our corporate headquarters and at our hotels."
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