Andrew Cosslett is to step down as chief executive of InterContinental Hotels Group, the world’s largest hotel operator. He is to be succeeded by chief financial officer and head of commercial development Richard Solomans.
The company announced this morning that Cosslett, who joined IHG in February 2005, will step down as chief executive on June 30. No reason was given for his decision to step down.
IHG chairman David Webster said: “While we understand and respect his decision to leave at this stage, we are extremely sorry to see him go.
“Richard and Andy have worked very closely over the last six years and in making this appointment the board is ensuring continuity in management and in our strategy to drive growth.”
Solomans has been a member of the board since IHG listed as an independent company in 2003.
Cosslett said: “The prospects for the group are excellent and with IHG entering the next phase of its development, and after six years, this is the right time to hand over the reins.” A process is underway to search for a replacement chief financial officer, the company said.
Solomans said: “We have an industry leading development pipeline and will continue to build on our success by harnessing the quality of our people, the loyalty of our owners and the strength of our brands. We can look to the future with great confidence.”