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Andrew Cosslett has resigned as CEO of the Intercontinental Hotels Group.
He will leave IHG on June 30 this year, when he will be replaced by current chief financial officer (CFO) and board member Richard Solomons.
Cosslett has been with IHG since February 2005. He said that after six years as CEO, “now is the time to hand over the reins”.
“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.”
Solomons has been with IHG since 1992 and a board member since 2003, when IHG listed as an independent company.
He said he is looking forward to taking IHG on the next leg of its journey.
“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.”
IHG is now searching for a replacement CFO.