Andrew Cosslett, who has been chief executive of IHG since 2005, said it is “the right time to hand over the reins” as the group enters its next phase of development.
IHG, which is the world’s largest hotel group by number of rooms, currently has 4,400 hotels in its portfolio, which it either franchises, leases, manages or owns. Over the next few years, it plans to add another 1,300 hotels to its global operations.
“We are making great progress and are growing strongly,” said Cosslett. “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 Solomons
Cosslett will be succeeded by Richard Solomons, who has been a board member since 2003 and is currently chief financial officer and head of commercial development. Solomons will take up his new role on 1 July 2011.
“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," he said.
The group is now searching for a replacement chief financial officer.