InterContinental chief executive Cosslett to hand over the reins

InterContinental Hotel Group (IHG) chief executive Andrew Cosslett is to step down and will be succeeded by chief financial officer Richard Solomons.

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Solomons is also head of commercial development and current responsibilities take in strategy, corporate and regional finance, investor relations and procurement. The changeover takes place on 30 June.

He has been with the Group since 1992 and held the position of finance director and chairman of Britvic ahead of the soft drinks company’s initial public offering in 2006.

Cosslett joined IHG in 2005 and previously spent 14 years in marketing and general management with Cadbury Schweppes, including managing director, Great Britain & Ireland.

He has overseen the expansion of IHG brands such as InterContinental, Crowne Plaza, Hotel Indigo and Holiday Inn.

Cosslett says that it is the “right time to hand over the reins” as the prospects for the group are “excellent” and it is entering the next phase of its development. The announcement of the change comes shortly after IHG posted a 6% jump in full year revenue for 2010

Cosslett adds: “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.”

Read Group CMO Tom Seddon’s recent viewpoint on digital marketing here

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