Steve Joyce has succeeded Chuck Ledsinger as Choice Hotels International's CEO four months sooner than originally announced. The former Marriott executive was due to take the slot in October, but yesterday the company announced that the succession would become effective immediately.

Ledsinger will remain with the company as non-executive chairman of the board.

Choice also announced that it executed a new employment contract with Ledsinger that will result in an after-tax accounting charge of $3.5 million to $4.0 million, apparently reflecting a severance package.