Hilton CFO takes leave, company names interim replacement

ORLANDO, FL - Hilton Grand Vacations Inc . (NYSE:HGV), a $4.2 billion market cap hospitality company with strong financial health according to InvestingPro metrics, announced today that Daniel J. Mathewes, the company’s President and Chief Financial Officer, has taken a temporary leave of absence for personal reasons, effective immediately. The company has appointed Erin Day, currently Executive Vice President of Finance, as acting Chief Financial Officer.

Erin Day, 41, has been with Hilton Grand Vacations since December 2019, ascending through various senior finance roles before her latest appointment. Day’s annual base salary remains at $400,000, with target short- and long-term incentive award opportunities at 75% and 200%, respectively, of her base salary. The terms of her employment, including her compensation, have not been altered in light of her new interim CFO responsibilities.

The company clarified that Mathewes’s leave is not related to Hilton’s strategy, operations, financial reporting, or internal controls. The transition comes as the company maintains robust financial metrics, with a healthy current ratio of 4.64 and impressive revenue growth of 18.4% in the last twelve months. Furthermore, there are no familial ties or material transactions involving Day that would necessitate disclosure under SEC regulations.

Hilton Grand Vacations, a leader in the hospitality industry, has not disclosed the anticipated duration of Mathewes’s leave. The transition comes at a time when the company continues to navigate the competitive lodging and real estate market.

This management change has been filed with the SEC and is based on an 8-K filing. The company’s shares are traded on the New York Stock Exchange under the ticker symbol HGV. Hilton Grand Vacations has not provided additional details on the executive change beyond the information contained in the SEC filing.

In other recent news, Hilton Grand Vacations has seen significant financial and operational developments. The company secured a new $1 billion revolving credit facility, providing extended financial flexibility and enhancing its borrowing capacity. This financial maneuver is part of the company’s broader strategy to support future growth initiatives.

Hilton Grand Vacations also expanded its borrowing capacity from $750 million to $850 million, indicating a proactive approach to financial flexibility. The company also announced the upcoming departure of its Executive Vice President and Chief Human Resources Officer, Mr. Pablo Brizi, set to occur in the near future.

Barclays (LON:BARC) has downgraded Hilton Grand Vacations from Overweight to Equalweight, adjusting the price target to $41.00. Despite facing a challenging year, the company is expected to stabilize its revenue trends with the recent introduction of HGV Max.

Hilton Grand Vacations also entered into a Second Amended and Restated License Agreement with Hilton Worldwide Holdings (NYSE:HLT) Inc, incorporating changes to facilitate the integration of Bluegreen into HGV’s operations. These are the recent developments in the company’s business operations, indicating a strong focus on growth and financial stability.

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