Press Release: Gaylord Entertainment Company
November 1, 2001
NASHVILLE, TN -- Gaylord Entertainment Company (NYSE:GET), the diversified hospitality and entertainment company
whose holdings include the Gaylord Hotels and the Grand Ole Opry, yesterday announced a corporate reorganization
aimed at streamlining operations and taking duplicative costs out of the business. The company will reduce management
layers to create a more cross-functional leadership team with a strategy that links each of the company's businesses
to support Gaylord's overarching focus on its core branded businesses in hospitality, attractions and entertainment.
``We've spent time looking at the best corporate structure, one that will foster an environment of innovation,
growth, and a strong emphasis on our customers and building our brands,'' stated Colin V. Reed, chief executive
officer of Gaylord Entertainment. ``We believe this new structure accomplishes these goals and will enable Gaylord
to be an industry leader.''
The reorganization is designed to speed decision-making and empower the management team to grow and re-energize
the company. The new structure eliminates the company divisions referred to as Opryland Hospitality Group and Music,
Media and Entertainment, along with the accounting, financial, technology, marketing and communications functions
in these divisions. Many of the individuals in these divisions have been transitioned into existing or new corporate
departments. As a result of this reorganization, Gaylord announced a job reduction of 39 people. The company will
save approximately $8 million in overhead annually.
The reorganization fits in with Gaylord's previously announced hotel re-branding and renewed focus on the company's
distinctive offerings in the hospitality and convention business. Property general managers will now report directly
to Colin Reed. The Design and Construction division, which is integral to Gaylord's continued success in the hospitality
industry, Acuff-Rose Music Publishing, Word Entertainment and Gaylord's radio stations will also report to Mr.
Reed.
Mr. Reed also announced the appointment of Jay Sevigny to the newly created position of Senior Vice President,
Marketing and Attractions. Sevigny comes from Harrah's Entertainment where he was most recently the President of
Rio Suites and Hotel. In his new position he will have an operational and marketing focus, and be responsible for
the brand marketing of the hospitality division.
``I am extremely pleased to add Jay Sevigny to the Gaylord Entertainment management team,'' commented Reed. ``Jay
has a keen understanding of the needs of the customer and I am fully confident that he brings the type of strategic
and innovative leadership that we are looking for. His consumer marketing focus and operations experience will
be invaluable as we drive business to our core hotel and convention brand through our entertainment and hospitality
holdings such as the Grand Ole Opry and Corporate Magic.''
Sevigny joins Gaylord immediately and will oversee the development of the Gaylord Hotel brand marketing function,
management of the Grand Ole Opry, and the attraction side of the business such as General Jackson Showboat, the
Ryman Auditorium and Springhouse Golf Club. In addition, he will be responsible for Corporate Magic, an event management
and corporate production company.
Gaylord Entertainment is a diversified hospitality and entertainment company headquartered in Nashville, Tenn.,
and its stock is traded on the New York Stock Exchange (symbol: GET). Among its businesses are the Gaylord Hotels,
the Grand Ole Opry, Acuff-Rose Music Publishing, WSM Radio and Word Entertainment.
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Contact:
Gaylord Entertainment, Nashville
Media Contact:
Karen Spacek, 615/316-6552
E-mail: kspacek@gaylordentertainment.com
or
Investor Contact:
David Kloeppel, 615/316-6101
E-mail: dkloeppel@gaylordentertainment.com