ORLANDO--Hilton Grand Vacations Inc. (the “Company”) (NYSE:HGV) announced that its Board of Directors terminated James E. Mikolaichik as Executive Vice President and Chief Financial Officer, effective today, for conduct and behavior not consistent with the Company’s policies. Mr. Mikolaichik’s termination was not related to any issues involving the Company’s business, strategy, operations, performance, financial reporting or internal controls.
“I’m confident in the quality and depth of talent in our finance and accounting teams and our experienced Chief Accounting Officer Allen Klingsick,” says Mark Wang, president and CEO. “They will ensure operational and financial reporting continuity until a new CFO is named.”
The Company reaffirms its 2018 guidance and long-term growth objectives as discussed on its second quarter 2018 earnings conference call held on August 2, 2018. The Company remains committed to its current growth and investment strategy, which is progressing ahead of schedule. Further, it believes the capital-efficient inventory investments it is making in new and existing markets will accelerate adjusted EBITDA and adjusted free cash flow growth over the next several years.
The Company has begun a nationwide executive search for a new chief financial officer.