DiamondRock Hospitality Appoints New CEO

By Bobby Samwell • Monday, April 15 10:16 • Permanent Link

DiamondRock Hospitality Company (NYSE: DRH) has announced significant leadership changes and a streamlined organizational structure, effective immediately. Jeffrey Donnelly, previously the company's Executive Vice President and Chief Financial Officer, has been appointed as the new Chief Executive Officer. Briony Quinn, formerly the Senior Vice President and Treasurer, has been named the Executive Vice President, Chief Financial Officer, and Treasurer. Justin Leonard, the former Executive Vice President and Chief Operating Officer, has been promoted to the position of President.

With these changes, the company has reduced its executive team structure from six to four members, including the Executive Vice President and General Counsel. These appointments are aimed at capitalizing on DiamondRock’s strong talent pool and proven expertise to drive continued business momentum.

DiamondRock’s Chairman, William W. McCarten, expressed confidence in the new leadership team, stating that the company has a strong bench of talent and a solid foundation in place, making it the right time to implement these changes. He also conveyed his optimism that the new leadership team will advance the company's strategy and drive additional value creation.

In a statement, the new CEO, Jeffrey Donnelly, expressed his excitement about leading the company at the dawn of a new era for travel, highlighting the potential to capitalize on long-term secular demand drivers in the travel industry and deliver sustainable, profitable growth. He also thanked the outgoing CEO, Mark Brugger, for his leadership and emphasized his commitment to collaborating with the board and the executive team to create value for shareholders.

The company also reaffirmed its expectations for its full-year 2024 results, which were previously announced in its earnings press release on February 22, 2024.

Jeffrey J. Donnelly, the new CEO, joined DiamondRock in August 2019 and brings extensive experience, having previously served as Managing Director of Equity Research at Wells Fargo Securities. Briony R. Quinn, the new CFO, has been with DiamondRock since 2007 and has held various finance and accounting roles within the company. Justin L. Leonard, the newly appointed President, joined DiamondRock in July 2022 and has a wealth of experience from his tenure at Walton Street Capital.

DiamondRock Hospitality Company is a lodging-focused real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States. The company strategically positions its portfolio to be operated under leading global brand families as well as independent boutique hotels in the lifestyle segment.

For further information on the company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com. The market has reacted to these announcements by moving the company's shares 1.4% to a price of $9.41. For more information, read the company's full 8-K submission here.

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