DiamondRock Hospitality Co. Announces Board and Executive Changes
Ticker: DRH · Form: 8-K · Filed: Apr 15, 2024 · CIK: 1298946
Sentiment: neutral
Topics: corporate-governance, executive-compensation, board-changes
TL;DR
DiamondRock Hospitality Co. is shuffling its board and exec pay. Keep an eye on this.
AI Summary
DiamondRock Hospitality Company announced on April 15, 2024, changes in its board of directors and executive compensation arrangements. The filing details the departure of certain officers and the election of new directors, alongside updates to compensatory arrangements for key personnel.
Why It Matters
Changes in a company's board and executive compensation can signal shifts in strategy, governance, or financial outlook, impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance changes and executive compensation, which typically carry low immediate risk.
Key Players & Entities
- DiamondRock Hospitality Company (company) — Registrant
- April 15, 2024 (date) — Date of earliest event reported
FAQ
What specific roles have been affected by the departure of officers?
The filing indicates the departure of certain officers but does not specify the exact roles in this section.
Who are the newly elected directors?
The filing mentions the election of directors but does not list their names in this initial section.
What are the key changes in compensatory arrangements?
The filing notes updates to compensatory arrangements for certain officers but does not detail these changes here.
What is the primary purpose of this Form 8-K filing?
The primary purpose is to report on the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, as well as Regulation FD disclosures and financial statements/exhibits.
When was DiamondRock Hospitality Company incorporated?
DiamondRock Hospitality Company was incorporated in Maryland.
Filing Stats: 1,265 words · 5 min read · ~4 pages · Grade level 10.4 · Accepted 2024-04-15 09:11:08
Key Financial Figures
- $0.01 — nge on which registered Common stock, $0.01 par value per share DRH New York Stoc
- $45 billion — and had direct responsibility for over $45 billion of equity transactions over his 22-year
- $5 billion — d capital market transactions exceeding $5 billion. Mr. Donnelly is a Chartered Financial
- $3 b — treet, Mr. Leonard was involved in over $3 billon of hospitality transactions and di
Filing Documents
- tm2411823d1_8k.htm (8-K) — 36KB
- tm2411823d1_ex99-1.htm (EX-99.1) — 17KB
- 0001104659-24-047041.txt ( ) — 273KB
- drh-20240415.xsd (EX-101.SCH) — 4KB
- drh-20240415_def.xml (EX-101.DEF) — 26KB
- drh-20240415_lab.xml (EX-101.LAB) — 37KB
- drh-20240415_pre.xml (EX-101.PRE) — 25KB
- tm2411823d1_8k_htm.xml (XML) — 6KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 15, 2024, DiamondRock Hospitality Company (the "Company") announced leadership changes and a simplified organizational structure, including (i) the appointment of Jeffrey J. Donnelly as Chief Executive Officer of the Company, (ii) the appointment of Briony R. Quinn as Executive Vice President, Chief Financial Officer and Treasurer of the Company and (iii) the appointment of Justin L. Leonard as President of the Company, all effective as of April 15, 2024. Ms. Quinn will serve as both the Company's principal financial officer and principal accounting officer and Mr. Leonard will also maintain his role as Chief Operating Officer and will assume the responsibilities previously overseen by Troy G. Furbay. In connection with these appointments, the Company announced (i) the departure of Mark W. Brugger as President and Chief Executive Officer of the Company and (ii) the departure of Troy G. Furbay as Executive Vice President and Chief Investment Officer of the Company, each effective as of April 15, 2024. Mr. Brugger co-founded the Company in 2004, was instrumental in its initial public offering in 2005, and successfully led the Company as chief executive officer for over 15 years to become a leading lodging real estate investment trust. The Company's board of directors (the "Board") has withdrawn Mr. Brugger's nomination for election as a director at the Company's upcoming annual meeting of stockholders to be held on May 1, 2024 (the "Annual Meeting"). The Board expects to elect Mr. Donnelly to the Board after the Annual Meeting. Jeffrey J. Donnelly, age 53, joined the Company as Executive Vice President and Chief Financial Officer in August 2019. Prior to joining the Company, Mr. Donnelly was Managing Director of Equity Research at Wells Fargo Securities where he co-founded Wells Fargo's Real Estate &
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. A copy of the press release issued by the Company to announce the leadership changes described above is furnished as Exhibit 99.1 to this Current Report and incorporated by reference herein. The information in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report, including Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act of 1934, as amended, regardless of any incorporation by reference language in any such filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibits are included with this report: Exhibit No. Description 99.1 Press Release 104 Cover Page Interactive Data File SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 15, 2024 DIAMONDROCK HOSPITALITY COMPANY By /s/ William J. Tennis William J. Tennis Executive Vice President, General Counsel and Corporate Secretary