Morgans Hotel Group CEO Michael Gross on Aug. 30 stepped down from his position,

according to a U.S. Securities and Exchange Commission filing submitted by the company. Morgans board of directors chairman Jason Kalisman will serve as interim CEO. Kalisman also is the founder and CEO of investment firm Talisman Group and a founding member of OTK Associates, which is Morgans' largest shareholder. Morgans is a New York-based boutique hotel collection that has not turned a quarterly profit in about six years and endured a board battle this year resulting in OTK's control of the board and pre-empting the incumbent board's plan to sell the company. Morgans' separation agreement with Gross includes a severance payment of $500,000, according to the filing. Kalisman, 34, as interim CEO will receive an annual salary of $1.