WICHITA — Two and a half years after taking over at Value Place, Dan Weber is out as CEO.
"It really was Dan coming to the conclusion of the things he set out to do," says Kyle Rogg, president and COO.
"He really came in with a lot of structured finance background with the goal of getting a lot of capital in the company and completing some big acquisitions," Rogg says.
He says Weber and Value Place's board decided it was time to move to "less of a financial-based CEO and more of a hotel-oriented CEO."
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"It was a joint decision," Rogg says. He says Weber has "had such a dramatic and positive impact on the standing of the company. I just don't want it to be perceived as anything other than that."
Rogg says Weber negotiated the acquisition of Perry Capital minority interest in Value Place, which positioned the company to attract capital from a new partner.
That happened late last year when Value Place founder Jack DeBoer did a deal with New York-based private equity firm Lindsay Goldberg, which is investing more than $100 million in the chain of extended-stay properties and short-term apartments.
"Dan was very, very instrumental ... given his background," Rogg says.