Less than a month ago, we reported that Choice Hotels International CEO Steve Joyce would be stepping down, and that Patrick Pacious, the current president and COO, would take over effective Jan. 1, 2018.
That was then. Today, Stewart Bainum, Jr., Choice Hotels' chairman of the Board of Directors, announced that that Pacious would assume his role as president and CEO on September 12, and would join the Board of Directors on that same day.
There's a reason for the quick change: After serving on the DineEquity, Inc., board for more than five years, Steve Joyce was named the company's Chief Executive Officer, effective September 12. As such, Pacious' promotion will go into effect several months early, and Joyce will be stepping down from the Choice Hotels Board of Directors.
"The CEO succession of Steve to Pat is the culmination of a deliberate, long-term planning process focused on maintaining leadership continuity and continued positive business growth," Bainum wrote in a statement. "We are grateful to Steve for his many valuable contributions and wish him the best in his future leadership role. The Board of Directors is delighted to have Pat at the helm of Choice Hotels, as he is an accomplished leader in the organization. We know that Pat is the right person to drive continued success for Choice today and in the future."
At Choice's 2017 conference, Joyce spoke glowingly of his future successor, referring to Pacious as a leader, a caring individual and someone with a strong commitment to the Choice franchisee. "Pat has earned the respect and admiration of an entire industry," Joyce said. "And he certainly has mine."
Pacious joined Choice in 2005, and under his direction Choice built global technology platforms that resulted in improved profitability and efficiencies for the company's franchised hotel owners. He led strategies and growth initiatives around brand, marketing, development, franchise services, revenue management and performance analytics. This includes the company's growth in the upscale segment with both Cambria Hotels and The Ascend Hotel Collection, as well as the transformation of the Comfort brand. During his tenure at Choice Hotels, Pacious was appointed COO in January 2014 and additionally became president in May 2016. Previously, he held senior management consulting positions with BearingPoint and Arthur Andersen, during which time he was engaged on several projects for Choice, and is a former U.S. Navy officer.