IHG chief Cosslett quits but "business as usual"

City A.M. Reporter
InterContinental Hotels said Andrew Cosslett will step down as chief executive of the world's biggest hotelier on June 30 but signalled there would be no big changes in strategy as it named current Chief Financial Officer Richard Solomons to replace him.

InterContinental (IHG) Chairman David Webster said the company understood and respected Cosslett's decision to leave but would be "extremely sorry" to see him go.

"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," Webster said in a statement.

"Richard has been a member of the Board since IHG listed as an independent company in 2003 and has a proven track record as a business leader. He has a deep understanding of IHG," Webster added.