The board of AAC Holdings has shrunk to seven members following the resignation last week of former Gaylord Entertainment executive David Kloeppel.
Kloeppel, 49, had been a director of the Brentwood-based addiction services provider since 2013. In resigning, he told his peers he is looking to spend more time on his travel and hospitality business. He is chairman of group travel and events services firm Groups360, which he founded in 2014, as well as CEO of investment entity Domus Hospitality and a director of hotel management software company Cloudbeds.
Kloeppel left Gaylord after it completed its conversion to a real estate investment trust and renamed itself Ryman Hospitality Properties in late 2012. He had been its president and COO since 2009 and before that was CFO since 2001.
As part of his departure from AAC, he forfeited about 45,000 of his roughly 300,000 AAC shares.
The departure of Kloeppel from the AAC board, which became effective at the end of May, came two weeks after Chairman and CEO Michael Cartwright presented a new long-term vision for the struggling company, which has seen its shares (Ticker: AAC) fall more than 90 percent over the past year and faces the possibility of being delisted from the New York Stock Exchange.