Lovejoy said, “The Board appreciates the good work Paul White has done both in this role as President and Chief Executive Officer and indeed during his other roles in his 20 years with the Company. He has managed the Company through a difficult economic period, and has positioned Orient-Express for renewed growth. We understand and agree with his decision to step down for personal reasons. We wish him well in his future endeavors.”
Lovejoy continued, “Orient-Express is fortunate to have a strong operating management team, and the Board is confident the Company will not miss a beat during this transitional period. Financial results for the first quarter of 2011, which included RevPAR growth for the fifth consecutive quarter, demonstrated the recovery of the luxury travel market and the financial progress the Company has made. We expect to continue this positive momentum, and as Interim CEO I will work to ensure we remain focused on profitable growth and building long-term shareholder value.”
Lovejoy, a director since 2000, was recently named Chairman of the Board. He formerly was a Managing Director and Partner at Lazard Freres & Co. for over 15 years and served as Co-Head of General Banking at Lazard. Earlier, Mr. Lovejoy was a Partner at Davis Polk & Wardwell, where he practiced law for over 13 years.
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