Wyndham Destinations, Inc., formerly known as Wyndham Worldwide Corporation completed the spin-off of Wyndham Hotels & Resorts, Inc. to become the world’s largest vacation ownership and exchange company. Wyndham Destinations now trades on the New York Stock Exchange under the new symbol “WYND.”
Wyndham Destinations has a global presence in 110 countries at more than 220 vacation ownership resorts and 4,300 affiliated exchange properties.
“Over the past decade, we have built the world’s largest vacation ownership and exchange company thanks to the hard work of our employees and the loyalty of our customers,” said Michael D. Brown, president and CEO for Wyndham Destinations. “We are excited to move forward as a focused, pure-play company with a leading market position and significant growth opportunities. With our experienced management team, robust sales and marketing platform, and increased financial flexibility, we look forward to providing our owners and guests with great vacation experiences and delivering value for our shareholders in the years to come.”
Wyndham Destinations expects to file a Form 8-K report with the U.S. Securities and Exchange Commission containing unaudited pro forma condensed consolidated financial statements reflecting the impact of the spin-off.
“Every year 3.5 million families entrust us with their vacation dreams. Through our unique brands, flexible ways to explore, and more destinations than anyone else, we make it easy to experience and enjoy the most amazing vacations around the globe,” Brown said. “Our associates have a pioneering ‘test and invest’ culture that keeps us at the forefront of change which will fuel our growth and innovation.”
As previously announced, Wyndham Worldwide common stockholders of record as of the close of business on May 18, 2018, the record date for the distribution, received one share of Wyndham Hotels & Resorts, Inc. common stock for each share of Wyndham Worldwide common stock held by such stockholder on the record date.
A hospitality industry leader built on strong and experienced leadership
The Wyndham Destinations senior leadership team includes:
- Michael D. Brown, president and CEO
- Michael Hug, chief financial officer
- James Savina, general counsel
- Kimberly Marshall, chief human resources officer
- Brad Dettmer, chief information officer
- Noah Brodsky, chief brand officer
- Gordon Gurnik, president, RCI Exchanges
- Mary Lynn Clark, president, Wyndham Vacation Rentals
- Jeff Myers, chief sales and marketing officer, Wyndham Vacation Clubs
- Geoff Richards, chief operating officer, Wyndham Vacation Clubs
- Barry Robinson, president and managing director, international operations, Wyndham Vacation Clubs
Ringing the Opening Bell on NYSE
Brown was joined by members of the company’s senior leadership team and chairman of the board Stephen P. Holmes on the podium for the honor of opening daily trading on the exchange.
“I’m proud of the hard work and dedication of our 25,000 associates around the world who have made this day possible,” said Brown. “As a new, independent company, we look forward to providing our owners and guests with great vacation experiences and delivering value for our shareholders in the years to come.”
The event marked another significant milestone in the new Wyndham Destinations story. On June 1, the company announced the establishment of its global headquarters in Orlando during an event involving elected officials and community leaders, including Florida Governor Rick Scott. The event highlighted the thriving tourism and the creation of new jobs in Central Florida. Brown said “Our industry has brought incredible value to the Central Florida economy. The vacation ownership industry in Orlando accounted for more than 45,000 jobs and $502 million in state and local tax revenue. With 72 million visitors last year, Orlando was America’s most visited destination and we’re proud to call it our home.” The company also unveiled a new logo and video to launch the brand’s official debut and to celebrate the Wyndham Destinations mission to put the world on vacation.
The Opening Bell Ceremony took place at 9:30 a.m. EDT on June 5, and a replay can be viewed on the NYSE’s website.
Source: Wyndham Destinations
Image courtesy: PRNewsfoto/Wyndham Destinations