La Quinta Holdings Inc. said Friday that its president and CEO Wayne Goldberg after 15 years with the company has stepped down by mutual agreement with the company’s board. CFO Keith Cline will step into the leadership role on an interim basis while a search commences for a new CEO.
The company also lowered its 2015 RevPAR guidance to between 3.5% and 4.5%, citing weaker-than-expected demand in late summer expected to continue the rest of the year.
Goldberg, a former executive at Red Roof Inns, joined La Quinta in 2000 and became CEO in 2006.
While lowering their price target by US$6 to US$21 per share, Citigroup analysts called the change at the top a “mystery.” It suggested that based on an exit deal with only a four-month non-compete clause, full cash severance and vested shares there may be more to the story.