Surprise as hotels chief to check out

InterContinental Hotels unexpectedly announced Andrew Cosslett will step down as chief executive on June 30, naming finance director Richard Solomons as his replacement.
By The Newsroom
Published 17th Mar 2011, 08:27 BST

The world’s biggest hotelier said 55-year-old Mr Cosslett had decided to step down after six years at the helm and there would be no change to the company’s strategy. A spokesman said there had been no boardroom split or health issues and denied Mr Cosslett may be immediately moving to a new job.

“Now is a good time to step down with the business going well and it is a good time to hand over the reins,” the spokesman said.

Hide Ad
Hide Ad

Mr Solomons, 49, has been finance director since the company demerged from pubs company Mitchells and Butlers in 2003.

He has been the chief architect along with Mr Cosslett of a strategy to sell off most of its owned hotels and operate as a management and franchise operator like US rivals.