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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
December 15, 1998
PROMUS HOTEL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 001-13719 62-1716020
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation or Number)
organization)
755 CROSSOVER LANE
MEMPHIS, TENNESSEE 38117-4900
(Address of principal executive (Zip Code)
offices)
(901) 374-5000
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEM 5. Other Events
On December 15, 1998, the Registrant issued the press release
attached hereto as Exhibit 99.1.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release dated December 15, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROMUS HOTEL CORPORATION
/s/ Ralph B. Lake
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Ralph B. Lake
Executive Vice President, General
Counsel and Secretary
Date: December 18, 1998
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EXHIBIT INDEX
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<CAPTION>
Exhibit No. Description
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<S> <C>
99.1 Press Release dated December 15, 1998.
</TABLE>
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Exhibit 99.1
FOR IMMEDIATE RELEASE http://www.promus.com
Contact: Bill Perocchi, Executive Vice President/Chief Financial Officer
(901) 374-6051
Gregg Swearingen, Vice President, Investor Relations
(901) 374-5468
Media: Ruth Pachman or Michael Freitag, Kekst and Company
(212) 521-4800
WILLIAM L. PEROCCHI TO STEP DOWN AS PROMUS CFO;
DAN L. HALE NAMED AS HIS SUCCESSOR
MEMPHIS, December 15, 1998 -- Promus Hotel Corporation said today that Executive
Vice President and Chief Financial Officer William L. Perocchi has announced his
plans to leave the Company and that Dan L. Hale, the former Executive Vice
President and Chief Financial Officer of USF&G, has been named as his successor.
Mr. Hale's appointment is effective January 11, 1999. Mr. Perocchi will stay
with Promus for a brief transition period after that date.
"I have been commuting from Phoenix to Memphis for the past year, following the
merger of Promus and Doubletree, and after much thought have made the decision
not to uproot my family to Memphis," Mr. Perocchi said. "The recent management
changes, including the appointment of Norm Blake as CEO of Promus, have provided
a natural period of personal assessment and review, and therefore have led me to
take this step at this time."
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"I have a great deal of respect for Norm Blake as well as confidence in his
ability to make Promus an even stronger organization with a focused strategy and
an outstanding management team," Mr. Perocchi concluded.
Norman P. Blake Jr, chairman, president, and chief executive officer of Promus,
said, "On behalf of all of us at Promus, I would like to thank Bill for his keen
abilities and enthusiastic contribution to the Company and wish him well in the
future.
"At the same time, I would like to extend a warm welcome to Dan Hale, a very
talented executive with whom I have had the pleasure of working closely for many
years at both USF&G and GE."
Mr. Hale, 54, has had a distinguished career as a senior level financial
services executive. During his tenure at USF&G he was instrumental in effecting
the Company's successful restructuring, first as Executive Vice
President-Diversified Insurance and Investment Operations and then as Chief
Financial Officer, a position he assumed in 1993. Before joining USF&G in 1991
he spent three years as president of Chase Manhattan Bank's global equipment
leasing business. Mr. Hale began his career at General Electric Company, and
over a 20-year period held increasingly responsible positions at the parent
company, at General Electric Capital Corporation, and at Kidder, Peabody Group.
"I am delighted to have the opportunity to join Norm Blake and an outstanding
management team at Promus," Mr. Hale said. "Our primary objective will be to
continue the profitable growth of this highly successful enterprise."
Mr. Hale received a BA in Economics from Yale University.
Promus Hotel Corporation (NYSE: PRH) is one of the world's premier lodging
companies, with system-wide annual revenues of over $5 billion. The company
operates, franchises or owns hotels throughout the United States and in Canada,
Mexico and Latin America. It is the franchisor and operator of the Doubletree
Hotels and Guest Suites, Embassy Suites, Homewood Suites, Club Hotels by
Doubletree, Hampton Inn, Hampton Inn & Suites, Embassy Vacation Resort and
Hampton Vacation Resort brands. The company also manages non-Promus branded
hotels as well as facilities in its University Hotel & Conference Center
division.
