Summit Hotel Properties, Inc. (NYSE: INN yesterday announced that the Board of Directors has appointed President and Chief Executive Officer, Daniel P. Hansen, to the additional post of Chairman of the Board. Mr. Hansen succeeds Thomas W. Storey who will remain on the board as a director. The Company also announced that Jeffrey W. Jones has been appointed to lead independent director, succeeding Dr. Bjorn Hanson, who will also remain on the board as a director and will continue his role as Chair of the Nominating and Corporate Governance Committee. Mr. Jones will also continue his role as Chair of the Audit Committee.
Mr. Hansen commented, "I am honored to assume the additional role of Chairman of the Board of Summit Hotel Properties. The strength of our operating model is reflected in the increasing recognition of Summit as a best in class company and I am proud to lead this elite team of professionals."
"Dan's leadership qualities as the key spokesperson for Summit to all of its stakeholders as well as his growing prominence in the industry fit naturally to the role of Chairman of the Board," Mr. Storey said. "As a board, we believe now is the perfect time to have Dan assume the combined roles of chairman and CEO."
Mr. Hansen has served as the Company's President and Chief Executive Officer and been a member of the board since the Company's formation in 2010. He also serves on the board of the American Hotel and Lodging Association and is a member of multiple advisory councils for brand companies in the lodging industry. Under Hansen's leadership, the Company has nearly quadrupled in size to an enterprise value of $2.4 billion and more than 80 hotels across the country.
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