Drive Shack Inc. continued to transform into a leading golf and entertainment company, the Board of Directors announced the addition of Ken May and David Hammarley to the management team to further drive the growth of the business. Ken May, who joins the company as Chief Executive Officer and President, was most recently the Chief Executive Officer of Topgolf. During his 4 years at Topgolf, he oversaw 24 openings and a quadrupling of the company's workforce. David Hammarley, who joins the company as Chief Financial Officer, brings a diverse offering of financial leadership experience from his two plus decades spent across companies such as sbe and Starwood. Most recently, David was the Chief Financial Officer of sbe and prior to that, he held roles across corporate financial planning and analysis, investor relations, risk management, operational finance and strategic planning while at Starwood. Ken and David will begin their appointments on November 12, 2018. Larry Goodfield will remain with the company as Chief Accounting Officer and Treasurer, Sara Yakin will stay with the company as Chief Operating Officer and Sarah Watterson will join the Board of Directors of the company.

Lastly, the company's Board of Directors declares dividends on the company's preferred stock for the period beginning November 1, 2018 and ending January 31, 2019. The dividends are payable on January 31, 2019 to holders of record of preferred stock on January 2, 2019. The company will pay dividends of $0.609375, $0.503125 and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively.