HAMILTON, Bermuda, April 12, 2011 /PRNewswire-FirstCall/ --
- Two New Independent Directors Nominated
- Director Bob Lovejoy Expected to Become Chairman
Orient-Express Hotels Ltd. (NYSE:OEH, http://www.orient-express.com), owners or part-owners and managers of 50 luxury hotel, restaurant, tourist train and river cruise properties operating in 24 countries, today announced that it has nominated eight directors for election to the Company's Board of Directors. The slate includes two new independent director nominees, Harsha V. Agadi and Philip R. Mengel, as well as current Directors Jesse Robert (Bob) Lovejoy, Georg R. Rafael, John D. Campbell, Mitchell C. Hochberg, Prudence M. Leith, and Paul M. White. The nominees will stand for election at the 2011 Annual General Meeting of Shareholders on June 9, 2011.
"We look forward to welcoming Harsha Agadi and Philip Mengel as strong new additions to our Board of Directors," said Prudence M. Leith, Chairperson of the Board's Nominating and Governance Committee. "Having successfully managed through the challenges of the past few years, the Board believes now is the time to bring on new talent and evolve the Company's leadership to help management take Orient-Express to the next level.
"Harsha Agadi's deep experience as a CEO of several global restaurant companies will make him a superb addition to our Board. With his track record of significantly improving operations, delivering results, and experience in all aspects of operations, brand development and global franchising, we are sure Harsha will make a significant contribution to the Company's future growth."
Ms. Leith continued, "Philip Mengel's extensive background as a CEO and Board Director for multiple U.S. and U.K. companies, and his strong record of improving corporate performance at all of them, well equips him to provide leadership and guidance to management as Orient-Express enters an exciting period of renewed growth."
As previously announced, Chairman James B. Hurlock and Founder, former Chairman and Director James B. Sherwood are retiring from the Board. Also as previously announced, Jesse Robert (Bob) Lovejoy, a director since 2000, is expected to become Chairman following the 2011 AGM.
Harsha V. Agadi, 48, is the Chairman and Chief Executive Officer of Friendly Ice Cream Corporation, a vertically integrated restaurant company with 500 locations principally in the eastern US. Under his leadership, this 75 year-old company has regained the #1 market share in ice cream in New England. From 2004 to 2009 he was President and CEO of Church's Chicken, a company with over 1,700 stores in 22 countries. Under his leadership, the company produced five consecutive years of positive system sales growth and increased its franchise base and cash flow substantially.
Prior to that, he was an Industrial Partner at Ripplewood Holdings, a private equity firm specializing in investments in the automotive, manufacturing, financial services, entertainment, and technology sectors. From 1997 to 2000 he was President and COO of Little Caesar Enterprises, which operates and franchises pizza restaurants throughout the US and overseas. From 1991 to 1997, he held several senior management positions at Domino's Pizza, the world's number two pizza chain.
In addition to private company directorships, Mr. Agadi currently serves as a Director of Crawford & Company. In the non-profit sector, he sits on the Board of Visitors of the Fuqua School of Business at Duke University. Mr. Agadi holds a B.Com from the University of Mumbai and an MBA from Duke University.
Philip R. Mengel, 66, is an Operating Partner of Snow Phipps Group LLC, a position he has held since 2007. Snow Phipps is a private equity firm focused on control investments in middle market companies. From 2005 through 2006, Mr. Mengel was Chief Executive Officer of United States Can Corporation, a manufacturer of steel and plastic packaging containers with operations in North and South America and in Europe. Under Mr. Mengel's leadership, U.S. Can successfully improved financial performance and developed and executed an exit strategy for the company's private equity shareholders. In 2004, he was Advisory Director for Berkshire Partners LLC, a private equity firm.
From 1999 to 2003, Mr. Mengel was Chief Executive Officer of English Welsh & Scottish Railway Ltd. (EWS), the primary rail freight operator in Britain. Mr. Mengel led a significant improvement in the operational and financial performance of EWS, which supported a recapitalization that funded a significant special dividend to shareholders. Prior to EWS, Mr. Mengel was Chief Executive of Ibstock Plc, a UK-based manufacturer of clay and concrete building products with operations in England, mainland Europe and the United States.
Mr. Mengel has served as a Director of The Economist Group Ltd. since 1998, and formerly served as a Director of Electro-Motive Diesel, Inc. He holds a B.A. degree from Princeton University.
About Orient-Express Hotels Ltd.
Orient-Express Hotels Ltd., listed on the New York Stock Exchange, ticker OEH, engages in the hotel, tourist train, restaurant and cruise ship business. Orient-Express Hotels owns and manages 50 famous properties in 24 countries, including the Hotel Cipriani in Venice, the Copacabana Palace in Rio de Janeiro and the Mount Nelson Hotel in Cape Town. In addition, it owns the Venice Simplon-Orient-Express and Eastern & Oriental Express tourist trains, '21' Club in New York City and the "Road To Mandalay" cruise ship in Burma.
Contact: Martin O'Grady Vice President, Chief Financial Officer Tel: +44-20-7921-4038 E: [email protected] Vicky Legg Director, Corporate Communications Tel: +44-20-7921-4067 E: [email protected]
SOURCE Orient Express Hotels Ltd