WINDSOR, ENGLAND Andrew Cosslett will step down as CEO of InterContinental Hotels Group PLC as of June 30, to be succeeded by Chief Financial Officer Richard Solomons.
No specific reason has been given for the 55-year-old Cosslett’s resignation, but he calls it “the right time” to move on.
“Andy has been an outstanding chief executive since joining the company in February 2005, and we are very appreciative of the contribution he has made during his time at IHG,” says Chairman David Webster. “While we understand and respect his decision to leave at this stage, we are extremely sorry to see him go.”
Solomons, 49, is IHG’s CFO and head of commercial development, responsible for strategy, corporate finance and investor relations. He joined the company in 1992 and has held a number of senior roles over the years, including Americas chief operating officer and interim president of the Americas region.
“I am delighted to be given the opportunity to lead the world’s largest hotel company and look forward to working with the team to take IHG on the next leg of our journey,” Solomons says. “It has been great working with Andy over the last six years. His outstanding leadership has placed IHG in a terrific position. 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.”
A search is under way for a new chief financial officer.