TravelCenters of America Inc. announced that Jonathan M. Pertchik has been appointed as Chief Executive Officer and Managing Director effective immediately. Mr. Pertchik succeeds Andrew J. Rebholz, who will continue to advise the company through June 30, 2020.
Adam Portnoy, Chair of the TA Board and President and CEO of The RMR Group, said, “Jon is a seasoned executive who has led multiple businesses in different industries through various stages of transformation and growth over the past 20 years. The TA Board is confident that his proven track record and engaged management style will advance TA and lead to improved cash flows and enhanced performance.”
Previously, Mr. Pertchik served as an executive for companies owned or controlled by private equity groups, including Starwood Capital Group, TPG, Carl Icahn, Richard LeFrak and Perry Capital. In his most recent role, Mr. Pertchik served as CEO of Intown Suites, the largest wholly-owned, extended stay hotel chain in the United States, where he doubled EBITDA through disciplined cost control and transformative growth initiatives. Prior to this, Mr. Pertchik was CEO of ST Residential, a joint venture with the FDIC, which managed the work-out of a $5 billion portfolio of loans and real estate from Corus Bank.
Mr. Pertchik said, “I am looking forward to applying established transformative practices from my prior turnaround experience to increase cash flows and margins and create a more efficient organization. TA is an impressive company with a long history of successfully serving both professional drivers and highway motorists, and I am excited to build upon this great company’s unique position in the marketplace.”
Mr. Portnoy added, “On behalf of the TA Board, we thank Andy for his over 22 years of dedication to TA. Over a long and distinguished career at TA, Andy has made significant contributions to the Company’s success, and we wish him the very best as he prepares for his retirement.”
Mr. Pertchik holds a B.A. from Rutgers University, a J.D. from the District of Columbia School of Law, and an L.L.M. in International Finance Law from the Georgetown University Law Center.
Korn Ferry, a leading global executive search firm, assisted TA in the recruitment process.