Morgans Has Top Board
Boutique operator Morgans Hotel Group has the most-effective board of directors in the hospitality industry, according to an annual survey by HVS Executive Search. Morgans has only been a public company for one year. David Hamamoto is chairman of the board and Fred Kleisner is president and CEO. Kleisner took control of the company earlier this year following the abrupt resignation of CEO Edward Scheetz.
The 33 companies in the survey were ranked from one to 10 in four categories: size, makeup and independence of the board; committee structure and effectiveness; presence of interlocks, insider participation and related transactions; and commitment to pay-for-performance for executives and directors.
Morgans scored 37 of a possible 40 points, including two 10s (size and makeup and interlocks and insider participation). Starwood also scored 37 but with only one 10 (interlocks and insider participation).
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