InterContinental Hotels Group (IHG) announces that Andrew Cosslett will step down as Chief Executive on 30 June 2011, to be succeeded by Richard Solomons.
A Board member since 2003 and currently Chief Financial Officer and Head of Commercial Development, Richard will start in his new position as Chief Executive on 1 July.
Richard Solomons, 49, has been with IHG since June 1992.
A member of the IHG Board and Executive Committee, Richard leads the Global Finance organisation for the Group. Richard is responsible for strategy, corporate and regional finance, investor relations, tax, treasury, commercial development and procurement.
Richard joined the Group in June 1992 and subsequently held a number of senior roles including Chief Operating Officer of the Americas Hotels division and Interim President of the Americas Region.
He has also been Finance Director of Britvic and Chairman, ahead of its initial public offering (IPO) in 2006. Richard was appointed Finance Director of IHG in February 2003.
Richard qualified as a Chartered Accountant with KPMG Peat Marwick in 1985, and, prior to joining the Group worked in Investment Banking for seven years with Hill Samuel Bank Limited, based in New York and London.
Married with three children, Richard has a BA (Econ) Hons from the University of Manchester.