La Quinta Holdings Inc. (NYSE: LQ) has announced that Wayne Goldberg has stepped down from his leadership positions in the Company by mutual agreement with the Company’s Board of Directors. The Board has appointed Keith Cline, the Chief Financial Officer, as interim President and Chief Executive Officer, effective immediately. The Board, working with leading executive search firm Korn Ferry, will lead the search for a permanent CEO.
“La Quinta has an exceptionally strong and experienced management team in place to continue the Company’s robust franchise growth, deliver the outstanding experiences its guests have come to expect, and drive shareholder value,” Mitesh Shah, Chairman of the Board, said. “We appreciate Wayne’s more than 15 years of service to La Quinta, during which time he helped the Company reach many milestones, along with guiding the Company through its successful initial public offering. The Board has confidence in the Company’s management team to execute their strategic plan and we know that Keith will continue to build on La Quinta’s unique culture of innovation and customer service.”
Mr. Goldberg joined the Company in 2000 and has served as President and CEO since 2006. In announcing his departure, Mr. Goldberg reported that he has fulfilled his goals at La Quinta. During Mr. Goldberg’s tenure, La Quinta experienced substantial growth, introduced new brand standards, and became known for its technological capabilities.
“I am proud of the progress that has occurred over the past years at La Quinta,” Mr. Goldberg said. “I believe the Company is well positioned for the future. As such, it is a good time for me to look forward and explore new opportunities.”
Mr. Cline has served as La Quinta’s Executive Vice President and Chief Financial Officer since January 2013, and helped to lead the Company through its successful initial public offering in April 2014. From 2011 to 2013, prior to joining La Quinta, he was Chief Administrative Officer and Chief Financial Officer at Charming Charlie, Inc., and from 2006 to 2011, Mr. Cline was Senior Vice President of Finance at Express, Inc. Mr. Cline began his career at Arthur Andersen & Company and held financial leadership roles at The J.M. Smucker Company, FedEx, Custom Critical, and L Brands, Inc.
“We will continue to execute our growth strategy through our capital light franchising business, optimize the value of our owned hotel portfolio, and ensure that the La Quinta brand remains a leader in the midscale and upper midscale segments of the lodging industry,” Mr. Cline said.
