Dallas-based Drive Shack Inc. announced that Mike Compton has been appointed interim CEO after the departure of CEO Hana Khouri this week. The company said a search for a new chief executive has begun.
Compton is a seasoned executive who has been working closely with the executive team for the past six months.
In a statement, Drive Shack Chairman Wes Edens said the company is pleased to have Mike Compton lead the company through the transition, given his expertise in investment management and operations.
“Looking ahead, we remain focused on expanding our footprint, with additional locations set to open this year, and offering premier experiences for our guests, and we are confident in our talented team to continue the success we’ve seen over the past few years,” he said.
Compton has worked directly for Edens for the past seven years, managing investments and operations for successful companies across hospitality, healthcare, sports, and entertainment industries, Drive Shack said.
CFO steps down
The company also announced that Kelley Buchhorn has stepped down from her role as interim chief financial officer, and that it has engaged with external finance and accounting professionals to take on Buchhorn’s responsibilities on an interim basis to supplement the internal team.
Drive Shack said it expects to name a CFO as it completes its search for a permanent CEO.
The company said the departures of Khouri and Buchhorn were not the result of any disagreement regarding any matter relating to its operations, financial statements, internal controls, auditors, policies or practices.
Drive Shack Inc. owns and operates golf-related leisure and entertainment businesses focused on bringing people together through competitive socializing. Its portfolio consists of American Golf, Drive Shack, and Puttery.
Drive Shack Inc., which announced plans to voluntarily delist from the NYSE in December 2022, joined the OTCQX Best Market (DSHK) in January 2023 and secured a $26.5 million senior secured term loan facility in March 2023 to finance the construction of its Puttery venues that are currently being developed.
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R E A D N E X T
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Puttery's "modern spin" on putting features 20,700 square feet of entertainment—with four wildly creative 9-hole "golf courses" on two floors, three bars, an outdoor terrace, and multiple lounges and seating areas.
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McIlroy and his investment partnership will invest at least $10 million in the high-tech mini-golf concept, in exchange for 10 percent ownership in the equity of each Puttery venue planned to open through 2023—including one in the Dallas area later this summer.
