Thomas W. Storey
About Thomas W. Storey
Independent director of Summit Hotel Properties, Inc. (INN), age 68, serving since 2011. Storey brings 30+ years of hospitality operating and development experience, including senior leadership at FRHI (Fairmont, Raffles, Swissôtel). He currently serves on INN’s Compensation Committee and Nominating & Corporate Governance Committee. Education: B.A. in Economics (Bates College) and M.B.A. (Cornell Johnson) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| FRHI (Fairmont Raffles Hotels International) | President, Fairmont Hotels & Resorts; EVP, Business Strategy; EVP, Global Development | 1999–2013 | Led strategy and development across >125 hotels globally |
| Marriott Hotels & Resorts; Doubletree Hotels; Promus Hotels; Radisson Hotels International | Executive roles | 1984–1999 | Multi-brand operating experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Candlewood Hotels | Director (prior) | N/A | Prior public/private board service |
| Legacy Hotels Real Estate Investment Trust | Director (prior) | N/A | Prior public/private board service |
| TravelClick, LLC | Director (prior) | N/A | Prior private company board |
| Wall Street Institute | Director (prior) | N/A | Prior private/company board |
| Hospitality industry orgs (AHLA, Travel Industry Association of America, Professional Conference & Meeting Planners) | Member | N/A | Industry engagement |
Board Governance
- Independence: The Board determined Storey is independent under NYSE standards .
- Committees: Member, Compensation Committee; Member, Nominating & Corporate Governance Committee .
- Chair/Leadership history: INN Chairman of the Board (Jul 2015–Jan 2017); Chair, Nominating & Corporate Governance (Dec 2013–May 2016) .
- Attendance/engagement: In 2024, the Board met 4x in person and 6x via video; each current director attended at least 75% of aggregate Board/committee meetings. Independent directors met in regular executive sessions .
- Board structure: Independent Chair; 88% independent nominees; all three committees fully independent; all Audit Committee members deemed “financial experts” .
- Anti-hedging/pledging: Hedging prohibited; pledging prohibited except limited pre-approved exceptions; no director or executive has pledged securities .
- Clawback: Updated NYSE-compliant clawback effective Oct 2, 2023 .
- Related parties: No related person transactions in 2024 .
Fixed Compensation (Director)
| Component (2024) | Amount | Notes |
|---|---|---|
| Annual cash retainer | $60,000 | Retainer-only; no per-meeting fees |
| Compensation Committee membership | $10,000 | Member fee |
| Nominating & Corporate Governance Committee membership | $7,500 | Member fee |
| Total cash (Storey) | $77,500 | Matches “Fees Earned or Paid in Cash” |
Program design: Annual review by FW Cook (independent consultant); retainer-only cash; additional retainers for committee roles; meaningful ownership guidelines (5x annual cash retainer) .
Performance Compensation (Director)
| Equity Element (2024) | Grant details | Value | Vesting | Notes |
|---|---|---|---|---|
| Annual equity grant | 18,213 common shares (granted May 28, 2024) | $109,642 | Fully vested at grant | Fixed-value ~$110k grant using 10-day VWAP; no director options/RSUs outstanding; election to take cash fees in stock was available but no director elected in 2024 |
No performance metrics apply to director equity; awards are full-value stock, immediately vested (structure aims to align with shareholders while avoiding entrenchment per company design) .
Other Directorships & Interlocks
| Type | Detail |
|---|---|
| Current U.S. public company boards | None listed for Storey |
| Compensation Committee interlocks | None; no member has been an INN employee; no cross-board/officer interlocks with INN executives in 2024 |
Expertise & Qualifications
- Hospitality operations, development and strategy leadership (FRHI; Marriott/Doubletree/Promus/Radisson) .
- Board leadership experience (former INN Chair; former N&CG Chair) .
- Education: B.A. Economics (Bates); M.B.A. (Cornell Johnson) .
- Board-level governance: Independent director with committee service in Compensation and N&CG .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (3/31/2025) | 187,949 shares; <1% of outstanding shares |
| Pledged or hedged shares | None; hedging prohibited; no director has pledged shares |
| Director ownership guideline | 5x annual cash retainer; all non-employee directors currently at or above required level |
Governance Assessment
- Positives: Independent long-tenured operator with deep hospitality domain knowledge; active service on key governance/comp committees; strong board independence and governance practices (independent chair; executive sessions; anti-hedging/pledging; clawback) . Director equity is delivered in full-value shares, supporting alignment; directors meet ownership guidelines .
- Engagement signals: 2024 say-on-pay support ~97%, suggesting strong shareholder backing for compensation governance; management/Board maintain robust investor outreach .
- Conflicts/related-party: None disclosed for 2024; Compensation Committee reported no interlocks/insider participation .
- Watch items: Long tenure (on Board since 2011) can raise independence-perception questions at some institutions; Board affirms Storey’s independence under NYSE rules .
No RED FLAGS identified specific to Storey (no pledging/hedging; no related-party transactions; no attendance shortfalls disclosed) .