Categories: News

Hilton Grand Vacations Announces Departure of Chief Financial Officer and Reaffirms Guidance

Hilton Grand Vacations Inc. (the “Company”) (NYSE:HGV) announced that its Board of Directors terminated James E. Mikolaichik as Executive Vice President and Chief Financial Officer, effective today, for conduct and behavior not consistent with the Company’s policies. Mr. Mikolaichik’s termination was not related to any issues involving the Company’s business, strategy, operations, performance, financial reporting or internal controls.

“I’m confident in the quality and depth of talent in our finance and accounting teams and our experienced Chief Accounting Officer Allen Klingsick,” says Mark Wang, president and CEO. “They will ensure operational and financial reporting continuity until a new CFO is named.”

The Company reaffirms its 2018 guidance and long-term growth objectives as discussed on its second quarter 2018 earnings conference call held on August 2, 2018. The Company remains committed to its current growth and investment strategy, which is progressing ahead of schedule. Further, it believes the capital-efficient inventory investments it is making in new and existing markets will accelerate adjusted EBITDA and adjusted free cash flow growth over the next several years.

The Company has begun a nationwide executive search for a new chief financial officer.

About Hilton Grand Vacations Inc.

Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company. With headquarters in Orlando, Fla., Hilton Grand Vacations develops, markets and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. The Company also manages and operates two innovative club membership programs: Hilton Grand Vacations Club® and The Hilton Club®, providing exclusive exchange, leisure travel and reservation services for more than 295,000 Club Members. For more information, visit www.hgv.com and www.hiltongrandvacations.com.

Reference: Business Wire

ResortTrades

Recent Posts

Vacatia Hires Valerie Gilson as Director of Customer Care and Inventory Management

Vacatia Inc., a leading provider of innovative customer-centric solutions for independent timeshare resorts, has announced…

4 days ago

10 Wildcards to Watch Over the Next Year: What Could Shake Up the Timeshare Industry?

As much as we’d all love a crystal ball that accurately predicts the future, the…

5 days ago

Shaping the Timeshare Narrative for a New Generation: A Focus on Modern Travel Trends

During the American Resort Development Association’s (ARDA) 2024 ARDAventure—a first-class annual VIP member retreat designed…

1 week ago

The Price of Not Apologizing—And a Witty Way to Prevent Backlash

After recently experiencing several poor customer service experiences where an apology would have massively diffused…

1 week ago

Grand Pacific Resorts’ 2024 Housekeeping Olympics: Honoring Dedication, Teamwork, and the Heart of Hospitality

At Grand Pacific Resorts, we believe the true magic behind every memorable guest experience is…

2 weeks ago

Financing, Then & Now

While the subject of this article is “Financing, Then and Now,” the underlying reasons this…

2 weeks ago