Holiday Inn and Crowne Plaza owner InterContinental Hotels Group (IHG) has announced that its long-serving Chairmanm David Webster, is to retire at the end of 2012.
Webster has been IHG's Chairman since January 2004 and a member of the board since April 2003.
"My time with IHG has truly been a career highlight for me and I leave with a feeling of achievement for all that has been done since de-merger in 2003. I'm proud of the total shareholder return delivered over this period and I leave confident that a strong business with a sustainable growth strategy is in place," he said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
When he leaves the group on December 31st, he will be replaced by Patrick Cescau, former Unilever Chief Executive Officer (2005-2008).
"My fellow board members and I look forward to guiding IHG to even greater achievements as we focus on brand building and the strategic global expansion of the business in the near term and future," Cescau said.
BC
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
