More like this
Cosslett resigns as boss of InterContinental Hotels
Business digest: World’s biggest hotel group to be led by current CFO Richard Solomons
Andrew Cosslett, the chief executive of the world's largest hotel company, InterContinental Hotels Group, today announced his resignation. He is to be replaced by the company's chief financial officer, Richard Solomons.
Since joining IHG in 2005, Cosslett says the company has "established leading positions in the biggest and fastest growing markets of the world, including China". The company's equity is currently valued at £3.53bn.
Under Cosslett, the Group, which includes brands such as InterContinental, Crown Plaza and Holiday Inn, managed to turn a $64m pre-tax loss in 2009 into a $397m pre-tax profit in 2010.
Chairman David Webster said that the appointment of Solomons, who has been with IHG since 1992, would ensure "continuity in management and in our strategy to drive growth".
Read a full report at the Financial Times (subscription). ·
