Posted 1/16/2013 - 10:04:18 AM
SIOUX FALLS, SD—Rich Battista will depart LodgeNet Interactive Corporation as president, CEO and director of the company, effective today. Frank Elsenbast, CFO, and James Naro, the company’s general counsel, have been appointed interim co-CEOs.
During his tenure, Battista successfully negotiated the recent deal with an investor syndicate led by Colony Capital to implement a $60-million recapitalization plan.
“Rich has done a first-rate job as our president and CEO, leading us through this transaction to secure the company’s future,” said LodgeNet Interactive Chairman Doug Bradbury in a statement. “Under the Colony Capital-led syndicate, LodgeNet is poised to transform its business and reaffirm its position as the industry leader in providing interactive products and services to the hospitality and healthcare markets. We thank Rich for his significant contributions to the company during this important time and wish him well in his future endeavors.”
Elsenbast and Naro will oversee the completion of the transaction. Upon closing, a new CEO will be appointed.