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Hyatt has announced that president and chief executive officer Mark Hoplamazian will assume the role of executive chairman, as Thomas Pritzker intends to retire immediately.
News comes as Pritzker will not seek re-election to the board of directors at the company’s annual meeting in May.
Pritzker, who has been a member of the Hyatt board and executive chairman since August 2004, first began undertaking senior executive and chairman responsibilities for predecessor entities in 1980.
Hoplamazian will assume the responsibilities of executive chairman while continuing his role as chief executive, which he has held for nearly 20 years.
The transition follows what the board described as a period of succession planning, with Hyatt’s current strategy being focused on an asset-light business model and global brand expansion.
Richard Tuttle, nominating and corporate governance committee chair at Hyatt, said: “Tom’s leadership has been instrumental in shaping Hyatt’s strategy and long-term growth, and we thank him for his service and dedication to Hyatt.”
Pritzker said: “I have been a proud member of the Hyatt family since the beginning of Hyatt. As I said in my letter to the board, it has been both an honor and one of the great experiences of my life to have contributed to Hyatt’s growth.”
Hoplamazian added: “I am honored by the board’s confidence and look forward to serving as Chairman. Tom’s decision reflects his stewardship and strong commitment to Hyatt over his many decades of service.”
