Sotherly Hotels CEO Drew Sims to step down, Dave Folsom to succeed
Sotherly Hotels announced that its board has unanimously approved the promotion of three key members of the management team for an evolution of the company's senior leadership structure. Under the new structure, company veteran Dave Folsom, president and COO, will continue as president and will succeed Drew Sims as CEO of the company, effective January 1, 2020. Sims will continue as chairman of the board as an employee of the company and be responsible for advising the company on strategic matters and major transactions, including acquisitions, dispositions, franchising and branding decisions, as well as capital market transactions. In addition, Scott Kucinski, VP of operations and investor relations, is being promoted to executive VP and COO of the company and Bert Kirkland, compliance officer, is being promoted to general counsel, both effective January 1, 2020. Folsom joined the company in 2006 after serving as VP of Paragon Real Estate. Kucinski joined the company in 2004 and as VP of operations and investor relations has helped oversee the company's corporate operations activities including capital markets transactions, acquisitions and dispositions, asset management, and investor relations and compliance matters. Kirkland joined the company in 2013. As compliance officer, he has helped manage the company's public company compliance program, provided legal support for various corporate transactions and managed the shareholder service function of the company, while acting as a conduit to outside counsel. Drew Sims will step down as CEO after having served fifteen years in that role.