16 March 2011 - InterContinental Hotels Group (IHG) announces that Andrew Cosslett will step down as Chief Executive on 30 June 2011, to be succeeded by Richard Solomons. A Board member since 2003 and currently Chief Financial Officer and Head of Commercial Development, Richard will start in his new position as Chief Executive on 1 July.
David Webster, Chairman of InterContinental Hotels Group PLC, said:
"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. While we understand and respect his decision to leave at this stage, we are extremely sorry to see him go.
In Richard Solomons we have an able and worthy successor. Richard is a highly respected executive, with deep knowledge of our industry, our business and our brands. He is the Board's first choice to take the company forward.
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.
Richard has been a member of the Board since IHG listed as an independent company in 2003 and has a proven track record as a business leader. He has a deep understanding of IHG drawn from his time in a number of senior roles and I am looking forward to working with him in his new role as Chief Executive."
Andrew Cosslett, Chief Executive, InterContinental Hotels Group PLC, said:
"It has been a real privilege to lead the IHG team and work alongside some of the most talented people in the industry. We are making great progress and are growing strongly. We have successfully executed the move to an asset-light business model while creating a unique culture based on a genuine respect for the contribution of our people.
We have a powerful portfolio of brands, including a now fully rejuvenated Holiday Inn, and established leading positions in the biggest and fastest growing markets of the world, including China. 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.
Richard is a great colleague who has been at the heart of the business since IHG became an independent company in 2003. He has intimate knowledge of our hotel operations and brands and enjoys close relationships with our owners and partners around the world. I know IHG will go from strength to strength under his leadership."
Richard Solomons, Chief Financial Officer and Head of Commercial Development, InterContinental Hotels Group PLC, said:
"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.
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 full search process is now underway for a replacement Chief Financial Officer.
Below is a video of IHG's Richard Solomons on the company's growth opportunities in the Middle East: