Intercontinental Hotels chief hands over reins

16th Mar 2011 07:12

InterContinental Hotels' chief executive Andrew Cosslett has shocked the Crowne Plaza and Holiday Inns chains owner by handing in his notice.Long-serving Cosslett will stand down on 30 June to be replaced by finance director Richard Solomons, who has been on the board since 2003. Solomons is also head of Head of Commercial Development. "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," David Webster, Chairman of InterContinental Hotels said."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," he added.Mr Cosslett said " 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,".Aged 55, he took over as CEO at Intercontinental in 2005 after 14 years in marketing and general management at Cadbury Schweppes.