INTERCONTINENTAL Hotels Group’s (IHG) CEO of six years, Andrew Cosslett, is stepping down and will be succeeded by Richard Solomons, the current CFO and head of commercial development.
The change in leadership will be effective July 1.
When asked why he decided to step down, Cosslett told TTG Asia in an email: “Deciding when to hand over the reins is a key part of leadership. I have had a wonderful six years at IHG and the company is in excellent shape. Despite the current challenges we are all dealing with in places like Japan and Christchurch, the outlook for the industry, and for IHG in particular, is very positive and I will leave with friendships that will last and a hatful of great memories.”
He did not say what his plans would be after IHG.
In announcing Cosslett’s departure, IHG chairman David Webster 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…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.�?�”
Among Cosslett’s biggest contributions were transforming IHG into an asset-light company and steering it through the downturn with fearless restructuring and cost-cutting, including his controversial decision to axe Asia-Pacific chief Peter Gowers less than two years after the promotion (TTG Asia, July 24, 2009).
Also under him was a billion-dollar Holiday Inn relaunch, which has been successfully completed.
