Intercontinental Hotels Group CEO Richard Solomons is to retire this summer after six years in charge of the company.
Solomons, who has worked for IHG for 25 years, will step down on June 30 and will be replaced by current chief commercial officer Keith Barr from July 1.
The announcement was made as IHG unveiled its latest trading update with the group seeing its revpar increase by 2.7 per cent year-on-year as rates rose by 0.8 per cent and occupancy improved by 1.2 percentage points.
Barr said: “I am honoured to be appointed CEO of one of the world's leading hotel companies and to have the opportunity to lead IHG.
“Building on Richard's leadership and IHG's strong performance track record, we will continue to focus on developing our portfolio of brands, delivering consistent, high-quality growth and creating value."
IHG chairman Patrick Cescau also paid tribute to Solomons’ achievements at the helm of the company, which is listed on the London Stock Exchange.
“Richard has been an outstanding CEO and a driving force behind IHG becoming the leading global organisation it is today,” said Cescau. “He has created exceptional shareholder value and as CFO [chief financial officer] successfully steered the group through the financial crisis.”
Solomons added: "It has been a privilege to have spent the last 25 years working in such a dynamic business and alongside an outstanding executive team, talented colleagues across the business and our dedicated hotel owners.”