WESTLAKE, Ohio--(BUSINESS WIRE)-- TravelCenters of America LLC (Nasdaq: TA) today announced that Thomas M. O’Brien, President and Chief Executive Officer has resigned effective December 31, 2017.
The TA Board has appointed: (i) Andrew J. Rebholz, a 20 year veteran of TA and currently TA’s Executive Vice President, Chief Financial Officer and Treasurer, to be TA’s new Chief Executive Officer; (ii) Barry A. Richards, a 17 year veteran of TA and currently TA’s Executive Vice President, to be TA’s new President and Chief Operating Officer; and (iii) William E. Myers, TA’s current Senior Vice President and Chief Accounting Officer, to be TA’s new Executive Vice President, Chief Financial Officer and Treasurer.
Commenting upon today’s announcement, Mr. Rebholz said: “I believe I speak for everyone associated with TA when I say ‘thank you’ to Tom for the leadership and creative vision that he brought to TA since he was appointed CEO in 2007. I am excited to take on the leadership of this dynamic company. I believe TA has become a leader in the travel center industry by providing a complete package of services to our trucking company customers, including large parking lots, multiple food options and driver amenities, a large variety of convenience store goods, competitively priced fuel and industry leading expertise in truck maintenance and repair work, which I believe has the ability to significantly expand. I also expect that we will continue to offer high quality, value priced goods and services to our existing customers including in our ‘Minit Mart’ convenience stores and our ‘Quaker Steak & Lube’ automotive themed restaurants and that we will remain on constant alert to find ways to serve new customers.”
Mr. Richards added: “During the past few years I have sequentially led each of the major business lines at TA: TA non-fuel retail operations including over 800 restaurants and almost 500 convenience stores; TA’s commercial and retail fuel sales; and, recently, TA’s industry leading truck maintenance, repair and tire sales and services. I am excited to realize the potential for each of these businesses and I look forward to finding more ways to deliver value to our customers.”
Mr. O’Brien said: “It has been an honor to lead TA for almost 11 years. I am proud to have worked with so many dedicated and knowledgeable people who have brought TA’s customer service to a level that I do not believe was previously available, and is not now duplicated, in the travel center industry. I expect the platform that we together have created has positioned TA well to address any challenges that the future may present.”
Mr. O’Brien’s retirement agreement with TA provides that he will remain an employee of TA to assist with the transition of his duties until June 30, 2018. Thereafter, Mr. O’Brien will be available to assist TA on an as needed basis.
Mr. O’Brien has also resigned as a Managing Director of TA’s Board of Directors effective December 31, 2017, and he will be replaced on the Board by Mr. Adam Portnoy, President and Chief Executive Officer of The RMR Group Inc. (Nasdaq: RMR). RMR is an alternative asset management company with approximately $28.5 billion of assets under management as of September 30, 2017 that provides management services to commercial real estate companies and related businesses, including TA.
About TravelCenters of America LLC
TA’s nationwide operations includes travel centers located along the U.S. Interstate Highway System in 43 states and in Canada, stand alone convenience stores in 11 states and stand alone restaurants in 14 states. TA’s travel centers operate under the brand names “TravelCenters of America”, “TA”, “Petro Stopping Centers” and “Petro” and offer diesel and gasoline fueling, full and quick service restaurants, truck maintenance and repair services, travel/convenience stores and other goods and services which are designed to provide efficient and attractive experiences to professional drivers and other motorists. TA’s convenience stores operate principally under the “Minit Mart” brand name and offer gasoline fueling as well as non-fuel products and services such as coffee, groceries, fresh food items and other convenience items. TA’s stand alone restaurants operate principally under the “Quaker Steak & Lube” brand name.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE INCLUDES FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON CURRENT BELIEFS AND EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. FOR EXAMPLE, STATEMENTS MADE BY MESSRS. REBHOLZ, RICHARDS AND O’BRIEN THAT ARE QUOTED IN THIS PRESS RELEASE MAY IMPLY THAT TA’S FINANCIAL PERFORMANCE WILL IMPROVE AND INVESTMENTS IN TA’S SECURITIES WILL INCREASE IN VALUE. IN FACT, TA’S FUTURE FINANCIAL PERFORMANCE MAY NOT IMPROVE BUT IT MAY DECLINE, AND INVESTING IN TA’S SECURITIES MAY PRODUCE LOSSES. ANY INVESTMENT IN TA’S SECURITIES IS ALSO SUBJECT TO THE NUMEROUS RISK FACTORS DESCRIBED IN TA’S PERIODIC REPORTS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION, OR THE SEC. TA’S FILINGS WITH THE SEC CAN BE ACCESSED AT THE SEC’S WEBSITE: WWW.SEC.GOV.
INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON ANY FORWARD LOOKING STATEMENTS MADE OR QUOTED BY TA. EXCEPT AS MAY BE REQUIRED BY LAW, TA DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE ANY FORWARD LOOKING STATEMENT AS A RESULT OF CHANGED CIRCUMSTANCES, NEW INFORMATION OR OTHERWISE.
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TravelCenters of America LLC
Katie Strohacker, 617-796-8251
Senior Director, Investor Relations
Source: TravelCenters - Financial