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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 12 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) OCTOBER 12, 1998
RED ROOF INNS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 1-14058 31-1393666
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(STATE OF INCORPORATION) (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER
IDENTIFICATION NUMBER)
4355 DAVIDSON ROAD, HILLIARD, OHIO 43026-2491
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (614) 876-3200
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ITEM 5. OTHER EVENTS
(a) Red Roof Inns, Inc. appoints David L. Rea to the position of Executive
Vice President, Chief Financial Officer, and Treasurer effective
October 6, 1998 (a press release dated October 8, 1998, a copy of which
is attached hereto as Exhibit 99 and incorporated herein by reference).
(b) On October 6, 1998, David N. Chichester, Executive Vice President and
Chief Financial Officer terminated his employment as Executive Vice
President and Chief Financial Officer and resigned from the Board of
Directors of Red Roof Inns, Inc. to pursue other interests. He will
receive severance benefits provided under his employment agreement of
approximately $1 million which will be recognized in the fourth quarter
ended January 2, 1999. The Board vacancy is not being filled at this
time.
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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 thereunto duly authorized.
RED ROOF INNS, INC.
(Registrant)
October 12, 1998 By:/s/ Alan L. Tallis
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Alan L. Tallis
Executive Vice President - Development,
General Counsel and Secretary
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October 8, 1998 Exhibit 99
Gail B. Whitcomb
614-876-3276
[email protected]
FOR IMMEDIATE RELEASE
RED ROOF INNS, INC. APPOINTS NEW CHIEF FINANCIAL OFFICER
COLUMBUS, Ohio - Red Roof Inns, Inc. (NYSE:RRI) today announced the
appointment of David L. Rea, 38, to the position of executive vice president,
chief financial officer and treasurer replacing David N. Chichester who resigned
to pursue other interests. Mr. Chichester has also resigned as a member of the
company's Board of Directors. The board vacancy will not be filled at this time.
Mr. Chichester will serve as a consultant to the company through the end of
1998.
Mr. Rea, who until this promotion served as the company's senior vice
president -treasurer, joined the company in 1996. He will be responsible for all
of the financial functions of the company.
Rea joined Red Roof Inns from DeBartolo Properties Management, Inc.
where he was vice president, finance. Prior to DeBartolo, Rea held management
positions with T. Rowe Price Associates, serving most recently as vice president
responsible for public real estate and private equity investments. He graduated
in 1982 with a bachelor of arts degree from Colgate University and earned a
master's of business administration from The Amos Tuck School of Business
Administration at Dartmouth College in 1986. Rea is a Chartered Financial
Analyst.
Red Roof Inns, Inc. (NYSE:RRI) is one of the leading economy lodging
chains in the U.S. With more than 270 properties and over 32,000 rooms in 36
states and the District of Columbia, Red Roof Inns offers business and leisure
travelers exceptional value in price, quality and convenience. With one of the
highest system-wide occupancy rates in the industry, Red Roof Inns is expanding
its operations through franchising, strategic partnerships and developing
company-owned Inns in unique, high-visibility areas.
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Editor's Note: Picture of David Rea available. Call Mari Jazyk at 614-876-3234
