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IHG boss to quit after his 6-year reign

first_img Share Show Comments ▼ whatsapp INTERCONTINENTAL Hotels Group (IHG) yesterday made the shock announcement that chief executive Andy Cosslett would stand down and hand over the reins of power to finance boss Richard Solomons. The move triggered a flurry of calls to the company’s top ten investors to reassure them that it was “business as usual” despite the resignation of its leader. Cosslett has led the world’s largest hotel group for six years and steered it through a multi-billion dollar overhaul of its Holiday Inn brand. He said yesterday that he felt that the time was right to stand aside, while leaving the company “in good shape”. Cosslett, who will leave the company in June, revealed that he would not be receiving any extra payment beyond his pension pot worth £2.6m and the company shares he had accrued worth a further £8.6m at yesterday’s price. “I have no immediate plans (for work) and will give it a few months to assess my options,” said Cosslett. He said that jetting across the world for business had taken its toll.“It is hard, but that’s not the reason I am going. I think I have achieved what I set out to do,” he added.Chief financial officer Richard Solomons works closely with Cosslett and was described as a “natural successor” by IHG chairman David Webster. IHG’s shares fell 27p to 1,228p. IHG boss to quit after his 6-year reign Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrapcenter_img Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Todayautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Wednesday 16 March 2011 8:35 pm KCS-content whatsapplast_img

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