La Quinta Holdings has appointed Keith Cline to serve as President and CEO, effective immediately. In addition, Jim Forson has been named the Company's EVP and CFO. Both leaders had been serving in their respective roles on an interim basis since former CEO Wayne Goldberg stepped down in September.
Cline joined La Quinta in January of 2013 as its EVP and CFO where he helped to lead the Company through its initial public offering. Prior to joining La Quinta, Cline has served in a variety of executive and senior leadership roles at Charming Charlie, Inc., Express, Inc., The J.M. Smucker Company, FedEx Custom Critical, and L Brands. Cline began his career at Arthur Andersen & Company and graduated summa cum laude from the University of Akron with a B.S. in Accounting and a M.B.A. in Finance.
Forson has served as La Quinta's interim CFO since November 2015. Previously, Forson served as La Quinta's SVP and Chief Accounting Officer. Forson joined the Company in 2010 as VP and controller and also served as Acting CFO from 2012 to 2013. Prior to joining La Quinta, Forson was Senior Audit Manager with Grant Thornton LLP. Forson graduated with distinction from the University of Virginia's McIntire School of Commerce with a B.S. degree in Commerce, and is a Certified Public Accountant.
MarketWatch noted that La Quinta's stock has slumped in recent months, dropping 34 percent since its IPO and falling 51 percent over the past 12 months. La Quinta has pointed to weakening demand, particularly among travelers coming to the U.S. As it has for other companies in the travel industry, the strong U.S. dollar has been a headwind for the company, as it makes trips to the U.S. more expensive for foreigners.