Orient-Express Hotels Announces Management Changes
By Orient-express Hotels Ltd., PRNEThursday, July 7, 2011
HAMILTON, Bermuda, July 8, 2011 -
- Paul White Resigns as
CEO; Chairman Bob Lovejoy Named Interim CEO; Search
Underway
Orient-Express Hotels Ltd. (NYSE:OEH,
today announced that Paul White, President and Chief Executive
Officer, has resigned from the Company and from the Board of
Directors.
Bob Lovejoy, Chairman of the Board, has been named Interim Chief
Executive Officer while the Board conducts a search for a permanent
replacement. The Board has named a Search Committee chaired
by director Mitchell Hochberg including Lovejoy, Prudence Leith and
Georg Rafael.
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.
Investor Call
Orient-Express Hotels will conduct a conference call today at
10:30 am EDT (3:30 pm BST) which is accessible at +1-877-397-0292
(US toll free) or +1-719-325-4844 (International). The conference
ID is 3547212. A replay of the conference call will be available at
1:30 pm EDT on July 8, 2011 until 1:30 pm EDT on July 15, 2011 and
can be accessed by calling +1-888-203-1112 (US toll free) or
+1-719-457-0820 (International) and entering replay access number
3547212. A replay will also be available on the company’s website:
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 Burma.
Safe Harbour Statement
This news release contains, in addition to historical
information, forward-looking statements that involve risks and
uncertainties. These statements are based on management’s current
expectations and are subject to a number of uncertainties and risks
that could cause actual results to differ materially from those
described in the forward-looking statements. Factors that may cause
a difference include, but are not limited to, those mentioned in
the news release, unknown effects on the travel and leisure markets
of terrorist activity and any police or military response, varying
customer demand and competitive considerations, failure to realize
hotel bookings and reservations and planned property development
sales as actual revenue, inability to sustain price increases or to
reduce costs, rising fuel costs adversely impacting customer travel
and the Company’s operating costs, fluctuations in interest rates
and currency values, uncertainty of negotiating and completing
proposed asset sales, debt refinancings, capital expenditures and
acquisitions, inability to reduce funded debt as planned or to
agree bank loan agreement waivers or amendments, adequate sources
of capital and acceptability of finance terms, possible loss or
amendment of planning permits and delays in construction schedules
for expansion or development projects, delays in reopening
properties closed for repair or refurbishment and possible cost
overruns, shifting patterns of tourism and business travel and
seasonality of demand, adverse local weather conditions, changing
global and regional economic conditions in many parts of the world
and weakness in financial markets, legislative, regulatory and
political developments, and possible new challenges to the
Company’s corporate governance structure. Further information
regarding these and other factors is included in the filings by the
Company with the U.S. Securities and Exchange Commission.
Contacts:
Investors:
Martin O’Grady, Vice President, Chief Financial Officer
Tel: +44-20-7921-4038
E:
Media:
Vicky Legg, Director, Corporate Communications
Tel: +44-20-7921-4067
E:
.
Tags: Bermuda, Hamilton, July 8, Orient Express Hotels Ltd
