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When asked what qualities and characteristics board members are looking for in a permanent CEO, Cline said he was unaware of what the “spec may look like for the position.”
“I don’t have anything additional to share right now,” Cline said. “I am sure they are outlining all the important things that would be critical for a leader not just only in this business but any consumer-facing organization.”
Cline became interim CEO and president following the departure of former CEO Wayne Goldberg, who agreed to step down from the position in September.
Analysts pressed Cline for further comments about what aspects of the job board members wanted Cline to execute similarly or differently to his predecessor, citing the use of shareholder’s money to pay out the former CEO’s large payout as a sign that board members were unhappy with Goldberg’s performance.
“I am fully committed to leading this business not only through the transition that we are going through today but to make sure that we are focused on driving value for our shareholders as we move forward,” Cline said. “In terms of specifics around or what are they looking from me or somebody else versus or what were they looking from Wayne that’s not a conversation that we have. The conversation that we have is more focused on what’s the best way to right the next page in the future of La Quinta and drive value for our shareholders and focus on the future.”