LodgeNet Interactive Corp. (LNET: Quote) said Wednesday that Rich Battista will depart as President, CEO and director of the company as of January 16.
During his tenure, Battista successfully guided LodgeNet through a strategic review process that recently concluded with the announced $60 million recapitalization plan with an investor syndicate led by Colony Capital. The recapitalization also includes a five-year extension of the Company’s secured credit facility with its lenders.
Frank Elsenbast, the company’s CFO, and James Naro, the company’s General Counsel, have been appointed interim co-CEOs.
As co-CEOs, Elsenbast and Naro will oversee the completion of the previously announced deal through the court-supervised process.
The company said it will appoint a new CEO upon closing of the deal.
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by RTT Staff Writer
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