Following a poor third-quarter performance, Red Lion Hotels said president and CEO Greg Mount resigned.

Mount, who started in his position in January 2014, also has vacated his seat on the board of directors. 

The company said it will soon conduct a search for a new CEO. Until then, a management committee comprised of executives will oversee Red Lion's operations.

Red Lion's third-quarter revenue was $32.9 million, an 8.6% decline. The company revised its 2019 guidance for adjusted EBITDA from $20.5-$22.5 million down to $11.5-$13.5 million, "reflecting under-performance of company-owned hotels, elevated terminations in the core franchise business year to date and increase in bad debt expense and related collection costs for a large customer."

Red Lion said the company executed 47 franchise agreements in the third quarter, but the new signings were outpaced by 60 terminations. Year to date, there have been 176 terminations, Red Lion said.

The company operates the Red Lion, RL, Knights Inn and Lexington brands.

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