DiamondRock Hospitality Company Announces Changes To Board Of Directors

Rhea-AI Summary

DiamondRock Hospitality Company (NYSE: DRH) has elected Tabassum Zalotrawala to its Board of Directors effective May 5, 2021. This change comes as Gilbert Ray and Maureen McAvey did not seek reelection. The appointment aligns with the company’s initiative for board refreshment to enhance shareholder value. Zalotrawala, previously Chief Development Officer at Chipotle, brings extensive expertise in real estate and construction. She has been recognized for leading innovative projects that drive financial performance.

Positive

• Appointment of Tabassum Zalotrawala brings expertise in real estate and strategic initiatives.
• Board refreshment supports the company's commitment to diversity and experienced leadership.

Negative

• Gilbert Ray and Maureen McAvey's departure may raise concerns about continuity on the board.

BETHESDA, Md., May 5, 2021 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced the election of Tabassum Zalotrawala to its Board of Directors effective May 5, 2021.  As previously announced in the Company's proxy statement, Gilbert Ray and Maureen McAvey did not stand for reelection this year, and the Company's Board nominated Ms. Zalotrawala to serve as a Director.  This series of changes to the Company's Board of Directors aligns with the Company's commitment to board refreshment with diverse, experienced professionals in order to diligently serve its shareholders. 

"We thank Gil and Maureen for their numerous contributions to the success of DiamondRock over the past 17 years," stated Mark W. Brugger, President and Chief Executive Officer of the Company. "We are excited to be welcoming Tabassum to our Board of Directors.  Her expertise in real estate, construction, site selection, brand development, and innovative strategic initiatives will enhance execution in a variety of areas that will help drive shareholder value."

Ms. Zalotrawala is the Chief Development Officer for Chipotle Mexican Grill, overseeing global real estate, construction, design and contract administration functions to support the financial and brand performance of Chipotle restaurants worldwide.  In her role at Chipotle, she has led the global execution of digital revenue generating initiatives, including the Chipotlane, which was named one of 'The Most Innovative Architecture Projects of 2020' by Fast Company.  Prior to joining Chipotle, Ms. Zalotrawala has held several leadership positions focused on real estate, design, and development at companies such as Panda Restaurant Group, Arby's Restaurant Group, Wendy's Arby's Group, Triarc Companies, and other luxury hospitality companies.

Ms. Zalotrawala holds a Bachelor of Fine Arts degree in interior design from the School of Planning & Architecture, American Intercontinental University, is a LEED Accredited Professional and recently completed the Harvard Business School Advanced Management Program. Ms. Zalotrawala was honored with the Exceptional Women Awardee award in 2020. She serves as a member of the Board of Trustees of the International Council of Shopping Centers (ICSC) and is involved in non-profit work as a board member of GLEAM Network. GLEAM is a Global Leadership Enhancement and Mentorship Network serving underrepresented and underserved professionals in the food service industry. Ms. Zalotrawala is also an active member with The National Association of Corporate Directors (NACD).

About the Company

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in destination resort locations and top gateway markets.  The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both leading global brands as well as unique 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.

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SOURCE DiamondRock Hospitality Company

FAQ

What is the significance of Tabassum Zalotrawala's election to DRH's Board of Directors?

Tabassum Zalotrawala's election enhances the board's expertise in real estate and strategic initiatives, which may drive shareholder value.

Why did Gilbert Ray and Maureen McAvey not seek reelection at DiamondRock Hospitality?

The press release does not specify the reasons for their decision not to seek reelection.

What is Tabassum Zalotrawala's background before joining DRH's Board?

Zalotrawala was previously the Chief Development Officer at Chipotle and has held leadership roles in real estate and development at several major companies.

How does the board refreshment at DRH impact shareholders?

The board refreshment aims to introduce diverse insights and experienced leadership, which may positively influence company strategies and shareholder value.

When did the changes to DRH's Board of Directors take effect?

The changes to the Board of Directors, including Tabassum Zalotrawala's election, took effect on May 5, 2021.