Orient-Express Hotels Announces Board NomineesBy Orient Express Hotels Ltd, PRNE
Monday, April 11, 2011
Two New Independent Directors Nominated
HAMILTON, Bermuda, April 12, 2011 - Orient-Express Hotels Ltd. (NYSE:OEH, www.orient-express.com),
owners or part-owners and managers of 50 luxury hotel, restaurant, tourist
train and river cruise properties operating in 24 countries, today announced
that it has nominated eight directors for election to the Company's Board of
Directors. The slate includes two new independent director nominees, Harsha
V. Agadi and Philip R. Mengel, as well as current Directors Jesse Robert
(Bob) Lovejoy, Georg R. Rafael, John D. Campbell, Mitchell C. Hochberg,
Prudence M. Leith, and Paul M. White. The nominees will stand for election at
the 2011 Annual General Meeting of Shareholders on June 9, 2011.
"We look forward to welcoming Harsha Agadi and Philip Mengel as strong
new additions to our Board of Directors," said Prudence M. Leith, Chairperson
of the Board's Nominating and Governance Committee. "Having successfully
managed through the challenges of the past few years, the Board believes now
is the time to bring on new talent and evolve the Company's leadership to
help management take Orient-Express to the next level.
"Harsha Agadi's deep experience as a CEO of several global restaurant
companies will make him a superb addition to our Board. With his track record
of significantly improving operations, delivering results, and experience in
all aspects of operations, brand development and global franchising, we are
sure Harsha will make a significant contribution to the Company's future
Ms. Leith continued, "Philip Mengel's extensive background as a CEO and
Board Director for multiple U.S. and U.K. companies, and his strong record of
improving corporate performance at all of them, well equips him to provide
leadership and guidance to management as Orient-Express enters an exciting
period of renewed growth."
As previously announced, Chairman James B. Hurlock and Founder, former
Chairman and Director James B. Sherwood are retiring from the Board. Also as
previously announced, Jesse Robert (Bob) Lovejoy, a director since 2000, is
expected to become Chairman following the 2011 AGM.
Harsha V. Agadi, 48, is the Chairman and Chief Executive Officer of
Friendly Ice Cream Corporation, a vertically integrated restaurant company
with 500 locations principally in the eastern US. Under his leadership, this
75 year-old company has regained the #1 market share in ice cream in New
England. From 2004 to 2009 he was President and CEO of Church's Chicken, a
company with over 1,700 stores in 22 countries. Under his leadership, the
company produced five consecutive years of positive system sales growth and
increased its franchise base and cash flow substantially.
Prior to that, he was an Industrial Partner at Ripplewood Holdings, a
private equity firm specializing in investments in the automotive,
manufacturing, financial services, entertainment, and technology sectors.
From 1997 to 2000 he was President and COO of Little Caesar Enterprises,
which operates and franchises pizza restaurants throughout the US and
overseas. From 1991 to 1997, he held several senior management positions at
Domino's Pizza, the world's number two pizza chain.
In addition to private company directorships, Mr. Agadi currently serves
as a Director of Crawford & Company. In the non-profit sector, he sits on the
Board of Visitors of the Fuqua School of Business at Duke University. Mr.
Agadi holds a B.Com from the University of Mumbai and an MBA from Duke
Philip R. Mengel, 66, is an Operating Partner of Snow Phipps Group LLC, a
position he has held since 2007. Snow Phipps is a private equity firm focused
on control investments in middle market companies. From 2005 through 2006,
Mr. Mengel was Chief Executive Officer of United States Can Corporation, a
manufacturer of steel and plastic packaging containers with operations in
North and South America and in Europe. Under Mr. Mengel's leadership, U.S.
Can successfully improved financial performance and developed and executed an
exit strategy for the company's private equity shareholders. In 2004, he was
Advisory Director for Berkshire Partners LLC, a private equity firm.
From 1999 to 2003, Mr. Mengel was Chief Executive Officer of English
Welsh & Scottish Railway Ltd. (EWS), the primary rail freight operator in
Britain. Mr. Mengel led a significant improvement in the operational and
financial performance of EWS, which supported a recapitalization that funded
a significant special dividend to shareholders. Prior to EWS, Mr. Mengel was
Chief Executive of Ibstock Plc, a UK-based manufacturer of clay and concrete
building products with operations in England, mainland Europe and the United
Mr. Mengel has served as a Director of The Economist Group Ltd. since
1998, and formerly served as a Director of Electro-Motive Diesel, Inc. He
holds a B.A. degree from Princeton University.
About Orient-Express Hotels Ltd.
Orient-Express Hotels Ltd., listed on the New York Stock Exchange, ticker
OEH, engages in the hotel, tourist train, restaurant and cruise ship
business. Orient-Express Hotels owns and manages 50 famous properties in 24
countries, including the Hotel Cipriani in Venice, the Copacabana Palace in
Rio de Janeiro and the Mount Nelson Hotel in Cape Town. In addition, it owns
the Venice Simplon-Orient-Express and Eastern & Oriental Express tourist
trains, '21' Club in New York City and the "Road To Mandalay" cruise ship in
Contact: Martin O'Grady Vice President, Chief Financial Officer Tel: +44-20-7921-4038 E: email@example.com Vicky Legg Director, Corporate Communications Tel: +44-20-7921-4067 E: firstname.lastname@example.org
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