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Posted 04 January, 2023

HERSHA HOSPITALITY TRUST appointed new CEO

CEO Change detected for ticker NYSE:HT in a 8-K filed on 04 January, 2023.


  As previously reported on our Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on September 22, 2022, Hersha Hospitality Trust (the "Company") announced (i) the retirement and resignation of Mr. Jay H. Shah from his position as Chief Executive Officer of the Company, effective December 31, 2022 and (ii) the appointment of Mr. Jay H. Shah, as Executive Chairman of the Company's Board of Trustees (the "Board"), effective January 1, 2023.  

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Overview of HERSHA HOSPITALITY TRUST
Real Estate/Construction • Hotel/Lodging REITs
Hersha Hospitality Trust is a self-advised real estate investment trust in the hospitality sector, which owns and operates hotels in urban gateway markets. Its hotel properties are located in New York, Boston, Philadelphia, Washington, the District of Columbia, Miami, and select markets on the West Coast. The company was founded by Hasu P. Shah in May 1998 and is headquartered in Philadelphia, PA.
Market Cap
N/A
View Company Details
HERSHA HOSPITALITY TRUST by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; 

Compensatory Arrangements of Certain Officers.


Employment Agreement Amendments 


As previously reported on our Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on September 22, 2022, Hersha Hospitality Trust (the "Company") announced (i) the retirement and resignation of Mr. Jay H. Shah from his position as Chief Executive Officer of the Company, effective December 31, 2022 and (ii) the appointment of Mr. Jay H. Shah, as Executive Chairman of the Company's Board of Trustees (the "Board"), effective January 1, 2023. On December 30, 2022, the Company entered into an amendment, effective January 1, 2023 (the "Amendment"), to Mr. Jay H. Shah's existing employment agreement with the Company (the "Prior Employment Agreement"). 


The Amendment updates the Prior Employment Agreement to: 

-change Mr. Jay H. Shah's title from Chief Executive Officer of the Company to Executive Chairman of the Board; and 

-reduce Mr. Jay H. Shah's base salary to $650,000.


All other material terms of the Prior Employment Agreement remain unchanged from the description of the terms of Mr. Jay H. Shah's existing employment agreement and form employment agreement filed on Form 10-Q for the quarter ended June 30, 2020 filed with the SEC on August 7, 2020.