Seasoned Executive Brings Significant Leadership Experience and Turnaround Expertise from Multiple Businesses and Industries
WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA) today announced that Jonathan M. Pertchik has been appointed as Chief Executive Officer and Managing Director effective immediately. Mr. Pertchik succeeds Andrew J. Rebholz, who will continue to advise the company through June 30, 2020.
Adam Portnoy, Chair of the TA Board and President and CEO of The RMR Group (Nasdaq: RMR), said, “Jon is a seasoned executive who has led multiple businesses in different industries through various stages of transformation and growth over the past 20 years. The TA Board is confident that his proven track record and engaged management style will advance TA and lead to improved cash flows and enhanced performance.”
Previously, Mr. Pertchik served as an executive for companies owned or controlled by private equity groups, including Starwood Capital Group, TPG, Carl Icahn, Richard LeFrak and Perry Capital. In his most recent role, Mr. Pertchik served as CEO of Intown Suites, the largest wholly-owned, extended stay hotel chain in the United States, where he doubled EBITDA through disciplined cost control and transformative growth initiatives. Prior to this, Mr. Pertchik was CEO of ST Residential, a joint venture with the FDIC, which managed the work-out of a $5 billion portfolio of loans and real estate from Corus Bank.
Mr. Pertchik said, “I am looking forward to applying established transformative practices from my prior turnaround experience to increase cash flows and margins and create a more efficient organization. TA is an impressive company with a long history of successfully serving both professional drivers and highway motorists, and I am excited to build upon this great company’s unique position in the marketplace.”
Mr. Portnoy added, “On behalf of the TA Board, we thank Andy for his over 22 years of dedication to TA. Over a long and distinguished career at TA, Andy has made significant contributions to the Company’s success, and we wish him the very best as he prepares for his retirement.”
Mr. Pertchik holds a B.A. from Rutgers University, a J.D. from the District of Columbia School of Law, and an L.L.M. in International Finance Law from the Georgetown University Law Center.
Korn Ferry, a leading global executive search firm, assisted TA in the recruitment process.
About TravelCenters of America Inc.:
TA's nationwide business includes travel centers located in 43 U.S. states and in Canada and standalone restaurants in 13 states. TA's travel centers operate under the "TravelCenters of America," "TA," "TA Express," "Petro Stopping Centers" and "Petro" brand names and offer diesel and gasoline fueling, restaurants, truck repair services, travel/convenience stores and other services designed to provide attractive and efficient travel experiences to professional drivers and other motorists. TA's standalone restaurants operate principally under the "Quaker Steak & Lube" brand name.
Warning Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever TA uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, "will", “may” and negatives or derivatives of these or similar expressions, TA is making forward-looking statements. These forward-looking statements are based upon TA’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by TA’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond TA’s control. For example:
- The appointment of Mr. Pertchik as Chief Executive Officer and Managing Director and the enumeration of his experiences and qualifications may imply that TA’s business and operations will improve as a result of his appointment. However, TA’s business and operations are subject to various risks, many of which are beyond TA’s control. As a result, TA’s business and operations may not improve despite the appointment of Mr. Pertchik.
The information contained in TA’s filings with the Securities and Exchange Commission, or SEC, including under “Risk Factors” in TA’s periodic reports, or incorporated therein, identifies other important factors that could cause TA’s actual results to differ materially from those stated in or implied by TA’s forward-looking statements. TA’s filings with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward-looking statements.
Except as required by law, TA does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
Kristin Brown, Director, Investor Relations