Morgans Hotels Group Co. CEO Michael Gross resigned on August 30, replaced on an interim basis by company Chairman Jason Kalisman, according to a Bloomberg report.
Kalisman is also the founder of Morgans largest shareholder, OTK Associates LLC, which in June led an ouster of the board, as the company failed to turn a profit since March 2011. Along with seven new board members, Kalisman will be charged with trying to return the company to profitability.
Kalisman, 34, a director of Morgans since March 2011, is also the founder and chief executive of investment company Talisman Group LLC. He will receive US$1 in annual compensation as interim chief executive, according to Tuesday?s regulatory filing.
Gross will be paid in part a lump sum of US$500,000, a grant of 58,334 restricted stock units, and 25,000 additional shares that will vest a year from his departure date of August 30.
