12 June 2018
PPHE Hotel Group Limited
(the "Company")
Corporate Governance Review and Board Changes
PPHE Hotel Group Limited, an international hospitality company which owns and develops hotels and resorts, operates the Park Plaza® brand in EMEA and owns the art'otel® brand, today announces certain changes to its board of directors (the Board) following a review of its corporate governance arrangements.
The Board is committed to and recognises the importance of maintaining a high standard of corporate governance. Therefore, the Company is pleased to announce the following changes and updates to the Board with effect from today:
· Kevin McAuliffe has been appointed Non-Executive Deputy Chairman of the Company and in this role will fulfil the responsibilities of providing leadership of the Board and ensuring effectiveness on all aspects of its duties and roles. Mr McAuliffe has entered into a new letter of appointment with the Company which has been updated to reflect his appointment as Non-Executive Deputy Chairman of the Company and more generally to reflect prevailing market standards. Mr McAuliffe was formerly the Senior Independent Director of the Company, a position which he has now relinquished;
· Nigel Jones has been appointed Senior Independent Director of the Company, taking over the role previously performed by Mr McAuliffe. Mr Jones has entered into a new letter of appointment with the Company which has been updated to reflect his appointment as Senior Independent Director of the Company and more generally to reflect prevailing market standards; and
· the Company has updated the terms of reference and composition of its Nomination, Remuneration and Audit Committees. Each such committee will comprise the Company's three independent non-executive Directors, being Kevin McAuliffe, Nigel Jones and Dawn Morgan. Mr Jones will chair the Nomination and Remuneration Committees and Dawn Morgan will chair the Audit Committee. The updated terms of reference will be made available on the Company's website.
The Board welcomes the appointment of Mr McAuliffe and Mr Jones to their new positions and believes their impressive breadth of experience and knowledge will complement the balance of skills required to carry out their respective roles on the Board. Although Mr McAuliffe and Mr Jones have served as Directors of the Company for over ten years, each are regarded by the Board as being independent of management and free from any business or other relationship that could materially interfere with the exercise of their independent judgement. The independence of the non-executive Directors is considered at least annually by the Company.
The Company further announces that Chen Moravsky is stepping down as a non-executive Director of the Company and that Roni Hirsch is stepping down as the alternate Director of Eli Papouchado, the Company's Non-Executive Chairman, each with immediate effect.
The Board would like to thank Mr Moravsky and Mr Hirsch for their invaluable contribution to the development of the Group's business.
Enquiries:
PPHE Hotel Group Limited |
|
Robert Henke, Executive Vice President of Corporate Affairs and Customer Experience Lisa Woodman, Director of Corporate Communications |
Tel: +31 20 717 8600 Tel: +44 (0)20 7034 4800 |
Hudson Sandler |
|
Wendy Baker/Sophie Lister |
Tel: +44 (0)20 7796 4133
[email protected] |
Notes to editors
The Company is a Guernsey registered company and through its subsidiaries (the Group), jointly controlled entities and associates, owns, leases, operates, franchises and develops full-service upscale, upper upscale and lifestyle hotels in major gateway cities, regional centres and select resort destinations, predominantly in Europe.
The majority of the Group's hotels operate under the Park Plaza® Hotels & Resorts or art'otel® brands. The Group has an exclusive licence from Carlson Hotels Worldwide Inc., one of the world's largest hotel groups, to develop and operate Park Plaza® Hotels & Resorts in Europe, the Middle East and Africa.
The art'otel® brand is wholly owned by the Group.
The Group has a controlling ownership interest (51.97% of the share capital) in Arena Hospitality Group, one of Croatia's best-known hospitality groups.
The Group's portfolio of owned, leased, managed and franchised hotels comprises 39 hotels in operation offering a total of approximately 9,000 rooms. The Group's development pipeline includes two new hotels which are expected to add an additional 500 rooms by the end of 2022.
Company websites:
www.pphe.com
www.arenahospitalitygroup.com
For reservations:
www.parkplaza.com
www.artotels.com
www.arenaturist.com
For images and logos visit www.vfmii.com/parkplaza
