TA looks to have bottomed after rallying on the news of a new CEO being appointed.
TravelCenters of America (NASDAQ:TA) appointed Jonathan Pertchik to be the company's CEO and managing director to succeed Andrew Rebholz.
Pertchik has served as an executive for companies owned or controlled by private equity groups, including Starwood Capital Group, TPG, Carl Icahn, Richard LeFrak and Perry Capital.
Rebholz is staying to advise TravelCenters of America until June 30.
TravelCenters of America Inc. operates travel centers and standalone restaurants in the United States and Canada. Its travel centers offer a range of products and services, including diesel fuel and gasoline, as well as nonfuel products and services, such as parking, truck repair and maintenance services, full service restaurants, quick service restaurants, and various customer amenities. As of December 31, 2018, it operated 258 travel centers and under the TravelCenters of America, TA, TA Express, Petro Stopping Centers, and Petro brand names; and 43 standalone restaurants under the Quaker Steak & Lube brand name. The company serves trucking fleets and their drivers, independent truck drivers, highway and local motorists, and casual diners. TravelCenters of America Inc. was founded in 1992 and is based in Westlake, Ohio.
As always, use protective stops and trade with caution.