La Quinta Holdings' president and chief executive Wayne Goldberg stepped down from his position yesterday by mutual agreement with the hotel company’s board.
Keith Cline, CFO of La Quinta Holdings, has been named interim president and CEO, effective immediately. In the meantime, search firm Korn/Ferry International will assist with the selection of a chief executive to replace Goldberg.
Goldberg had been with the company for 15 years, and held the lead role since 2006. Last year Blackstone Group took La Quinta public, and the IPO raised $650 million.
“We appreciate Wayne’s more than 15 years of service to La Quinta, during which time he helped the company reach many milestones," chairman Mitesh Shah said in a statement.
“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,” Goldberg said in a statement.
Goldberg announced in March at the brand's yearly conference in Orlando that 2014 was La Quinta's "winningest year ever," though since then shares in the company have slipped. The Wall Street Journal reported that La Quinta lowered its 2015 expectations for revenue per available room, citing weaker-than-expected demand in August and September. The company is now seeking to grow RevPAR 3.5 percent to 4.5 percent, lower than the 4.5-percent increase to 5.5 percent that was announced in a previous forecast.