Inspirato, the struggling luxury hospitality brand, said Thursday that it had “terminated” the employment of its president, David Kallery.

In financial filings, Inspirato did not say why Kallery “was separated from the company, effective immediately.”

“The Company is currently in discussions with Mr. Kallery regarding the terms of his separation, and any material compensation arrangements will be disclosed” … when those negotiations are finalized, the company stated.

Kallery’s compensation was $1.93 million in 2024.

Inspirato CEO Payam Zamani will take over Kallery’s role as president, the company said.

Kallery will not run for a board seat at the company’s annual meeting June 12, and that seat will be filled at a later date. Kallery had been Inspirato president since 2013 and a board member since August 2024.

Earlier that month, Zamani became Inspirato’s chairman and CEO, and he brought with him a deal for $10 million in equity financing.

Inspirato has a curated selection of luxury vacation homes, and its members access them through subscriptions.

Inspirato went public with a valuation of around $1.1 billion in 2022 via a SPAC deal with Thayer Ventures. Its market cap was around $44 million on Thursday.

In the fourth quarter, Inspirato narrowed its net loss to $2.3 million. Its revenue fell 10.7% to $63.1 million.

In June, Inspirato appealed a Nasdaq delisting decision.

Efforts to reach Kallery for comment were unsuccessful.