NEW YORK CITY Although CEO Fred Kleisner remains under contract through the end of the year, Morgans Hotel Group Co. has formally begun the process of finding his replacement.
Kleisner has indicated willingness to serve as CEO beyond the expiration of his contract in order to ensure a smooth transition. "We are conducting a thorough search and are considering a number of highly qualified candidates,” says David Hamaoto, chairman of the board of directors. “We appreciate Fred's willingness to maintain his position with the company until we identify the right person to lead Morgans Hotel Group into the future."
The company has retained executive search firm Spencer Stuart to assist in the process.