Intercontinental Hotels to Replace CEO with Finance Head

Intercontinental Hotels (NYSE:IHG) is promoting its chief financial officer, Richard Solomons, to chief executive, replacing Andrew Cosslett who will step down at the end of June.

Solomons, 49, has been a board member since 2003 and currently heads commercial development. He will start his new position on July 1.

The U.K.-based company, which operates hotels such as the Holiday Inn and Crowne Plaza Resorts, has launched a search for a replacement CFO.

Cosslett, 55, has served as CEO since 2005. He joined the team from Cadbury Schweppes,where he served in marketing and general management.

“It has been a real privilege to lead the IHG team and work alongside some of the most talented people in the industry,” Cosslett said. “The prospects for the group are excellent and with IHG entering the next phase of its development, and after six years, this is the right time to hand over the reins.”

Since joining IHG in 1992, Solomons has held a number of senior roles, including chief operating office of the Americas Hotels division and interim president of the Americas region.