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UPDATE 1-Gaylord makes key management changes

Wed Jun 24, 2009 10:48pm IST
 
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* Says Chief Operating Officer John Caparella to leave co

* Names Mark Fioravanti as new CFO

* Shares jump 7 pct in morning trade

By Renju Jose

BANGALORE, June 24 (Reuters) - Gaylord Entertainment Co (GET.N: Quote, Profile, Research) said Chief Operating Officer John Caparella would leave the company, effective immediately, as part of its efforts to streamline operations.

The Nashville, Tennessee-based hotel operator also promoted Treasurer Mark Fioravanti to replace David Kloeppel as chief financial officer. Kloeppel will now oversee all its operations.

"The move is not entirely surprising given the company's desire to focus on cost-cutting," JMP Securities analyst William Marks said by phone.

Deutsche Bank analyst Chris Woronka wrote in a note that Kloeppel has become more involved on the operating side within the last year and Fioravanti's visibility with the investment community has appreciated noticeably.

FBR Capital Markets analyst Patrick Scholes said Gaylord, like most hotel companies, is trying to reduce costs and the easier way to do that is to eliminate and consolidate positions.  Continued...

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