LuxUrban Hotels Inc. (NASDAQ: LUXH) announced significant changes to its management team and board of directors, aiming to streamline operations and enhance its leadership with industry expertise. The company confirmed the appointment of Robert Arigo as Chief Operating Officer, effective March 15, 2024. Arigo brings over 35 years of experience from various hospitality management roles, including a recent stint as Vice President for M&R Hotel Management.
The transition period beginning March 1, 2024, will see Brian Ferdinand move from his dual role as Chairman of the Board and co-Chief Executive Officer to solely serving as Executive Chairman by May 31, 2024. Concurrently, Shanoop Kothari, currently co-CEO and CFO, will become the sole CEO and acting CFO. LuxUrban Hotels is actively recruiting a new CFO with hotel and travel industry experience.
Alongside these executive changes, Jimmie Chatmon was promoted to Director of Revenue Management, and Brandon Elster was appointed as Chief Development Officer. Both assume their positions on March 15, 2024, bringing with them a wealth of operational and development expertise.
The company's board of directors has also undergone a reconfiguration following the voluntary resignation of David Berg and the unfortunate passing of Don Engle. The board will maintain five members, with four being independent directors under Nasdaq rules.
As part of the employment agreements, the new appointees received competitive compensation packages, including base salaries, potential bonuses, and equity awards. Arigo's package includes an annual base salary of $375,000, a signing bonus, and restricted stock awards, while Chatmon's amended agreement sets his annual salary at $350,000. Elster's agreement provides for a $250,000 annual salary and restricted stock awards.
The restructuring is part of LuxUrban Hotels' ongoing efforts to fortify its management team with experienced professionals to drive the company's growth and operational efficiency in the competitive hotel and online travel services industries. These changes are based on a recent SEC filing by the company.
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