Wyndham said that it expects to report EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter of 2000 in the range of $187 million to $189 million, exceeding analysts` expectations.
“For the past several months we`ve been engaged in a campaign to drive internal growth and maximize efficiencies by integrating our business operations,” Kleisner said. “Our solid performance in the first quarter points to the strength of our business plan. We remain confident that we`re on track for the balance of the year.”
Wyndham also said its Board of Directors approved a modification in its shareholders` rights plan, raising the triggering threshold limit to 15% from 10% to make it consistent with other similar plans and to better meet the needs of institutional investors. The modification is subject to ratification by the preferred shareholders.
“This decision will have the effect of providing support for our common shares,” Kleisner said, “allowing institutional investors to better manage their investment in our company.”
Rick Smith and Mark Hedley To Lead Finance, Technology Initiatives
Smith joined Wyndham International in September from Starwood Hotels & Resorts Worldwide, Inc., where he was vice president, corporate finance. Previously, he worked for Atlantic Richfield Company and Coopers & Lybrand. Smith graduated from the University of Tennessee where he received a B.S. degree in accounting and business law.
Smith succeeds Richard Mahoney, who is leaving Wyndham to become chief financial officer of Seattle-based Avanade, a joint venture of Andersen Consulting and Microsoft Corporation. Mahoney, who joined Wyndham International in May 1999, makes his home in Seattle. He will assist through the transition.
“I have enormous confidence in Wyndham`s leadership and strategy and am delighted that Rick Smith has been named CFO,” Mahoney said. “Rick has been integral to the development of our financial strategy and I know he will continue his outstanding work going forward.”
Hedley has served in a variety of senior technology positions in the hospitality industry. Most recently, Hedley served as vice president, information technology for Sun International, North America. He previously was vice president and chief information officer of Caesars World, Inc. and held other senior technology and information systems positions with Caesars World, Inc. and ITT Sheraton organizations. He began his career with Sheraton as a systems analyst. He succeeds Glen H. Griffith, who had previously announced his retirement.