Trump Picks Executive Who Earlier Beat Him

Donald J. Trump picked as his new chief financial officer the executive credited with fending off Trump’s takeover attempt of Holiday Corp.

Trump named Stephen F. Bollenbach, senior vice president of Promus Cos., as chief financial officer of Trump Organization.

Trump’s bankers had insisted that he appoint a chief financial officer by Sept. 30 to oversee his company’s affairs as part of a $65-million loan agreement.

The loan package calls for the executive to serve as a liaison between the Trump Organization and the banks. It also allows Trump to defer interest and principal payments on his $2 billion in bank debt.

Promus is the Memphis, Tenn., company spun off when Holiday Corp., which owned domestic Holiday Inns, was sold to British brewing giant Bass PLC in February.

“Steve played a key role in the restructuring of our predecessor company his first two years here and the acquisition of Holiday Inn by Bass PLC early this year,” Promus Chairman Michael D. Rose said.

“We are no longer in a period of such intense financial engineering and we well understand his desire to move on to another challenging task,” Rose said.

Bollenbach joined Holiday Corp. in September, 1986. His replacement has not been named.