CFO exit at Summit Hotel Properties (NYSE: INN) with CEO filling finance role
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Summit Hotel Properties, Inc. announced that Executive Vice President and Chief Financial Officer William “Trey” Conkling will leave the company effective June 15, 2026 for personal reasons. The company states his departure is not due to any disagreement over operations, policies, accounting, or financial reporting.
Under a Separation and Consulting Agreement, Mr. Conkling will provide consulting and transition services from June 16, 2026 through September 30, 2026, receiving a consulting fee of $25,000 per month. He will not receive severance beyond accrued obligations and this consulting fee, and any unvested equity awards as of the effective date will be forfeited.
The agreement requires a general release of claims and shortens his noncompete restriction from twelve to six months after employment ends, while other restrictive covenants remain in place. President and Chief Executive Officer Jonathan Stanner will also serve as principal financial officer starting June 15, 2026, without additional compensation, while a search firm is engaged to find a new CFO.
Positive
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Negative
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Insights
CFO departs with structured transition; CEO assumes finance role temporarily.
Summit Hotel Properties, Inc. is managing the unexpected loss of its CFO, William “Trey” Conkling, with a defined separation and consulting arrangement through September 30, 2026. The company explicitly notes there is no disagreement over operations or financial reporting.
The consulting fee of $25,000 per month and forfeiture of unvested equity suggest a relatively standard senior-executive transition package. The noncompete period is shortened to six months, while other restrictive covenants remain, balancing Mr. Conkling’s mobility with ongoing protections for the company.
President and CEO Jonathan Stanner will act as principal financial officer without added pay until a successor is identified, indicating continuity in financial oversight but also a temporary concentration of responsibilities. Subsequent disclosures may provide more insight once a permanent CFO is appointed and integrated.
8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Consulting fee: $25,000 per month
Consulting period end: September 30, 2026
CFO employment end date: June 15, 2026
+4 more
7 metrics
Consulting fee
$25,000 per month
Paid to William Conkling during consulting period after June 16, 2026
Consulting period end
September 30, 2026
End date for Conkling’s advisory services to the company
CFO employment end date
June 15, 2026
Effective date of William Conkling’s resignation as CFO
Portfolio assets
94 assets
Total lodging assets in Summit Hotel Properties’ portfolio as of June 12, 2026
Wholly owned assets
52 properties
Wholly owned properties within the company’s 94-asset portfolio
Total guestrooms
14,226 guestrooms
Guestrooms across the portfolio in 24 U.S. states as of June 12, 2026
Noncompete duration
6 months
Post-employment noncompete period for Conkling, reduced from twelve months
Key Terms
Separation and Consulting Agreement, principal financial officer, noncompete covenant, real estate investment trust, +1 more
5 terms
Separation and Consulting Agreement financial
"the Company and Mr. Conkling entered into a Separation and Consulting Agreement"
principal financial officer financial
"Jonathan Stanner will assume the role of principal financial officer of the Company"
The principal financial officer is the senior executive who runs a company's financial operations: preparing and certifying financial reports, managing accounting controls, budgets and cash flow, and advising on financial strategy. Investors care about this role because its competence affects how trustworthy the company’s numbers are, how well it manages risk and capital needs, and the credibility of forecasts—like the chief navigator steering a firm's financial course.
noncompete covenant financial
"the noncompete covenant under Mr. Conkling’s employment agreement with the Company will continue to apply"
real estate investment trust financial
"Summit Hotel Properties, Inc. is a publicly traded real estate investment trust"
A real estate investment trust (REIT) is a company that owns and manages income-producing properties—like apartment buildings, shopping centers, offices, or warehouses—and is required to pass most of its rental income to shareholders as dividends. Think of it as a shared property owner: instead of buying a whole building, investors buy a slice of a portfolio that pays regular income and can offer exposure to property values and rental markets without direct management. REITs matter to investors for predictable income, diversification, and liquidity compared with owning physical real estate.
forward-looking statements financial
"This press release contains statements that are “forward-looking statements”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): June 12, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| of incorporation or organization) | ||||||||
(Address of Principal Executive Offices) (Zip Code)
(512 ) 538-2300
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 12, 2026, Summit Hotel Properties, Inc. (the “Company”) announced that William Conkling, the Company’s Executive Vice President and Chief Financial Officer, has resigned as an officer and employee of the Company effective as of June 15, 2026 (the “Effective Date”). Mr. Conkling’s departure is not the result of any disagreement with the Company or any matter related to the Company’s operations, policies or practices, including its accounting principles, financial statements or financial disclosures.
In connection with his separation from the Company, the Company and Mr. Conkling entered into a Separation and Consulting Agreement (the “Separation Agreement”) that sets forth the terms of his termination of employment. Under the Separation Agreement, Mr. Conkling has agreed to provide the Company with consulting and transition services for the period commencing on June 16, 2026, and ending on September 30, 2026. During the consulting period, Mr. Conkling will receive a consulting fee of $25,000 per calendar month as prorated based on the effective date of the Separation Agreement.
Other than accrued obligations and the consulting fee described above, Mr. Conkling will not be entitled to any termination or severance payments or benefits in connection with his termination, and any unvested equity-based awards held by Mr. Conkling as of the Effective Date will be forfeited.
In addition, the Separation Agreement provides that, in connection with his termination of employment and the termination of the consulting period, Mr. Conkling will execute and deliver a general release of claims in favor of the Company. The Separation Agreement further provides that the noncompete covenant under Mr. Conkling’s employment agreement with the Company will continue to apply for six months (rather than twelve months) following the termination of his employment. All other restrictive covenants contained in Mr. Conkling’s employment agreement will continue to apply in accordance with their terms.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2026.
Jonathan Stanner will assume the role of principal financial officer of the Company effective June 15, 2026, in addition to continuing as President and Chief Executive Officer. Mr. Stanner will not receive any additional compensation for his role as principal financial officer.
Item 7.01. Regulation FD Disclosure.
The Company issued a press release announcing Mr. Conkling’s departure on June 12, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits | |||||||
99.1 | Press release, dated June 12, 2026 | |||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
SIGNATURE
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.
| SUMMIT HOTEL PROPERTIES, INC. | |||||||||||
| Date: June 12, 2026 | By: | /s/ Christopher R. Eng | |||||||||
| Christopher R. Eng Executive Vice President, General Counsel, Chief Risk Officer and Secretary | |||||||||||
1 | P a g e 13215 Bee Cave Pkwy, Suite B-300, Austin, TX 78738 Telephone: 512-538-2300 Fax: 512-538-2333 www.shpreit.com NEWS RELEASE SUMMIT HOTEL PROPERTIES ANNOUNCES MANAGEMENT TRANSITION Austin, Texas, June 12, 2026 --- Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), announced today that Executive Vice President and Chief Financial Officer, William (“Trey”) Conkling will depart the Company effective June 15, 2026 for personal reasons. “Trey has been a valued member of our executive leadership team over the past five years, and we appreciate his many contributions to Summit during his tenure,” said Jonathan Stanner, President and Chief Executive Officer. “On behalf of the Board of Directors and the entire Summit team, I thank Trey for his dedicated service and wish him the very best in his future endeavors,” said Jonathan Stanner, President and Chief Executive Officer. “It has been a pleasure to work at Summit for the past five years and I am proud of all that we have accomplished together. I am grateful for the opportunity to have worked with such a dedicated team and remain committed to supporting an orderly transition. I wish Summit and my colleagues all the best in the future and am confident that the Company is in good hands,” said Mr. Conkling. To support an orderly transition, Mr. Conkling will remain available to the Company in an advisory capacity through September 30, 2026. The Company has engaged a nationally recognized search firm to identify Mr. Conkling’s successor. In the interim, Mr. Stanner will assume the role of principal financial officer of the Company, in addition to continuing as President and Chief Executive Officer. The Company also noted that Mr. Conkling’s departure is not the result of any disagreement with the Company or any matter related to the Company’s operations, policies or practices, including its accounting principles, financial statements or financial disclosures. About Summit Hotel Properties Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the Upscale segment of the lodging industry. As of June 12, 2026, the Company’s portfolio consisted of 94 assets, 52 of which are wholly owned, with a total of 14,226 guestrooms located in 24 states. For additional information, please visit the Company’s website, www.shpreit.com, and follow the Company on X at @SummitHotel_INN.
2 | P a g e Contact: Kevin Milota SVP, Corporate Finance Summit Hotel Properties, Inc. (737) 205-5787 Forward Looking Statements This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward- looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “plan,” “likely,” “would” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
FAQ
Why is Summit Hotel Properties (INN) CFO William Conkling leaving?
William “Trey” Conkling is leaving Summit Hotel Properties for personal reasons. The company states his departure is not due to any disagreement involving operations, policies, accounting principles, financial statements, or financial disclosures, and is being handled under a negotiated Separation and Consulting Agreement.
What are the key terms of William Conkling’s separation from Summit Hotel Properties (INN)?
Under the Separation and Consulting Agreement, William Conkling receives a consulting role and a $25,000 monthly fee through September 30, 2026. He receives no additional severance, forfeits unvested equity awards, provides a general release of claims, and remains subject to ongoing restrictive covenants.
Who will serve as principal financial officer at Summit Hotel Properties (INN) after the CFO departs?
President and Chief Executive Officer Jonathan Stanner will assume the role of principal financial officer effective June 15, 2026. He will hold this position in addition to his existing duties, and the company has engaged a national search firm to identify a new chief financial officer.
How long will William Conkling advise Summit Hotel Properties (INN) after his departure?
William Conkling will provide consulting and transition services from June 16, 2026, through September 30, 2026. During this advisory period, he will receive a consulting fee of $25,000 per calendar month, prorated from the effective date of the Separation and Consulting Agreement.
Does William Conkling receive severance or keep his unvested equity from Summit Hotel Properties (INN)?
Beyond accrued obligations and the consulting fee, William Conkling does not receive additional termination or severance payments. Any unvested equity-based awards he holds as of June 15, 2026, are forfeited under the terms of the Separation and Consulting Agreement with Summit Hotel Properties.
What happens to William Conkling’s noncompete obligations with Summit Hotel Properties (INN)?
The noncompete covenant in William Conkling’s employment agreement will apply for six months following termination, reduced from a prior twelve-month period. All other restrictive covenants in his employment agreement continue in effect according to their terms after his departure from the company.
How large is Summit Hotel Properties’ (INN) portfolio as of June 12, 2026?
As of June 12, 2026, Summit Hotel Properties’ portfolio comprises 94 lodging assets, including 52 wholly owned properties. These assets total 14,226 guestrooms located across 24 U.S. states, focused on premium-branded hotels with efficient operating models in the Upscale segment.