La Quinta Announces Keith Cline Will Serve As President And CEO

Shares of La Quinta Holdings Inc LQ were trading higher by more than 1.4 percent on Friday after the company announced it will drop the "interim" titles to its CEO and CFO.

Effective immediately, Keith Cline will serve as president and CEO and Jim Forson will serve as executive vice president and Chief Financial Officer. Both executives had been serving in their respective roles on an interim basis.

Cline has served as interim CEO since September 2015, while Cline joined the company in January 2013 and has served as interim CFO since November 2015.

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Regarding his appointment, Cline said, "I am honored to become the President and Chief Executive Office of La Quinta. This is an outstanding organization with a highly engaged leadership team and employee workforce as well as an enthusiastic community of franchise partners that are dedicated to growing the La Quinta brand. We will work tirelessly to satisfy our guests, create value for our shareholders and continue to make La Quinta a great place to work and to invest."

Mit Shah, chairman of the board of directors, said, "After a broad and thorough search involving a significant number of highly accomplished executives, the Board believes that Keith's strategic vision, brand experience, team building acumen and his ability to execute make him the right person to lead the Company's future. The Board is confident that Keith and his executive team will optimize the performance of the La Quinta brand to drive long term growth and enhance shareholder value."