Outgoing Morgans CEO Kleisner to stay on 3 extra months

NEW YORK CITY Morgans Hotel Group Co. is retaining CEO Fred Kleisner for three additional months, extending his tenure beyond the previously-announced December 31 resignation date.

In an analyst note, Zacks Investment Research writes that Morgans appears to be having difficulty finding a successor for Kleisner. “We believe it will be quite challenging for the company to find a suitable replacement for Fred Kleisner, as he boasts four decades of experience in the hotel industry. Moreover, his dedicated service has helped the company scale new heights,” Zacks says.

Morgans, which has hired executive search firm Spencer Stuart, believes it will identify a suitable candidate by March.