Park Hotels EVP and CIO Thomas Morey departs
Park Hotels & Resorts Inc. (PK) reported the departure of Thomas C. Morey as Executive Vice President and Chief Investment Officer, effective September 8, 2026.
Rhea-AI Filing Summary
Park Hotels & Resorts Inc. (PK) reported the departure of Thomas C. Morey as Executive Vice President and Chief Investment Officer, effective September 8, 2026. On September 9, 2026, Mr. Morey entered into a Separation Agreement and Release with the company.
Subject to a seven-day revocation period and his ongoing compliance with the Executive Severance Plan, he will receive the severance payments and benefits provided for an Executive Vice President whose employment is terminated without “cause.” His severance is contingent on obligations such as non-solicitation and non-competition covenants for 12 months after his separation date, and he has agreed to a general release of claims against the company.
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8-K Event Classification
2 items: 5.02, 9.01
2 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 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Departure effective date: September 8, 2026
Separation Agreement date: September 9, 2026
Revocation period: 7 days
+1 more
4 metrics
Departure effective date
September 8, 2026
Effective date of Thomas C. Morey’s departure as EVP and CIO
Separation Agreement date
September 9, 2026
Date Mr. Morey entered into the Separation Agreement and Release
Revocation period
7 days
Period during which Mr. Morey may revoke the Separation Agreement
Post-separation restriction period
12 months
Duration of non-solicitation and non-competition obligations after separation
Key Terms
Separation Agreement and Release, Executive Severance Plan, non-solicitation, non-competition, +1 more
5 terms
Separation Agreement and Release regulatory
"Mr. Morey entered into a Separation Agreement and Release with the Company"
Executive Severance Plan financial
"benefits set forth in the Company’s Executive Severance Plan"
non-solicitation regulatory
"including the non-solicitation and non-competition obligations to the Company"
A non-solicitation clause is a contractual promise that one party will not actively try to lure away another party’s employees, customers, or suppliers. For investors, it signals protection of a company’s workforce and client base after a deal or partnership—reducing the risk that key staff or revenue sources will be poached and therefore helping preserve the business’s value, predictability, and post-transaction earnings. Think of it as an agreement not to knock on a neighbor’s door to take their business or team.
non-competition regulatory
"including the non-solicitation and non-competition obligations to the Company"
A non-competition is a contractual restriction that prevents a person or business from starting or working in a competing business within a specified time and geographic area after leaving a job or completing a transaction. It matters to investors because it acts like a temporary fence around customers, trade secrets and know‑how, helping protect future revenue and company value; weak or unenforceable restrictions can increase the risk of customer loss and competitive erosion.
general release of claims regulatory
"Mr. Morey has agreed to a general release of claims against the Company"
FAQ
What executive change did Park Hotels & Resorts Inc. (PK) announce on September 11, 2026?
Park Hotels & Resorts Inc. announced that Thomas C. Morey, its Executive Vice President and Chief Investment Officer, departed effective September 8, 2026. His exit is governed by a Separation Agreement and Release entered into on September 9, 2026.
What severance will Thomas C. Morey receive from Park Hotels & Resorts Inc. (PK)?
Under the Separation Agreement, Mr. Morey is entitled to severance payments and benefits consistent with the company’s Executive Severance Plan for an Executive Vice President terminated without “cause,” provided he does not revoke the agreement and complies with its ongoing obligations.
What conditions apply to Thomas C. Morey’s severance from Park Hotels & Resorts Inc. (PK)?
Mr. Morey’s severance is conditioned on not revoking the Separation Agreement during a seven-day revocation period and on his compliance with non-solicitation and non-competition obligations and other requirements set forth in the Executive Severance Plan.
How long do the non-competition and non-solicitation obligations last for the former PK executive?
The non-solicitation and non-competition obligations that apply to Mr. Morey extend for 12 months following his separation date, as described in the Executive Severance Plan and incorporated into the Separation Agreement.
Did Thomas C. Morey provide a release of claims against Park Hotels & Resorts Inc. (PK)?
Yes. Under the Separation Agreement, Mr. Morey agreed to a general release of claims against Park Hotels & Resorts Inc., in exchange for the severance payments and benefits set forth under the company’s Executive Severance Plan.
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