SAVOY Group chief executive Ramon Pajares is to bow out of his top role at the luxury chain at the end of the year.
The 64-year-old, who joined the group in 1994, will sit on the Savoy Group’s international advisory board in the New Year. Savoy Group owner the Blackstone Group has credited Pajares with turning around the company which was hardly making any profits before he arrived from Four Seasons where he was regional vice-president for Europe.
It said expectations for group operating profit for 1999 are £50m which represents more than a five-fold increase on 1994.
Said Pajares: “When I arrived, the group was making little or no profit and could not keep up with its competitors because there was no actual investment in the properties. I changed that and £100m has since been invested in making improvements. I am also proud of the changes I made in getting more training for staff and making them feel a part of the company.” No replacement has been announced yet for Pajares.