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Gross resigns as Morgans CEO, Kalisman named interim

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September 4, 2013

Gross resigns as Morgans CEO, Kalisman named interim

Morgans Hotels Group Co. CEO Michael Gross resigned on August 30, replaced on an interim basis by company Chairman Jason Kalisman, according to a Bloomberg report.

Kalisman is also the founder of Morgans largest shareholder, OTK Associates LLC, which in June led an ouster of the board, as the company failed to turn a profit since March 2011. Along with seven new board members, Kalisman will be charged with trying to return the company to profitability.

Kalisman, 34, a director of Morgans since March 2011, is also the founder and chief executive of investment company Talisman Group LLC. He will receive US$1 in annual compensation as interim chief executive, according to Tuesday?s regulatory filing.

Gross will be paid in part a lump sum of US$500,000, a grant of 58,334 restricted stock units, and 25,000 additional shares that will vest a year from his departure date of August 30.

Source HotelsMag

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