InterContinental Hotels Group Chief to Step Down
The chief executive of InterContinental Hotels Group, the world's largest hotel company as measured by...
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 The chief executive of InterContinental Hotels Group, the world's largest hotel company as measured by number of guest rooms, will step down at the end of this month, the company announced.

Richard North has served as InterContinental's CEO since October 2002, leading the company through its demerger from leisure conglomerate Six Continents in April 2003.

InterContinental has shifted its strategy since the demerger, emphasizing hotel management and franchising over property ownership. That shift prompted the company to seek new leadership.

"Our future is increasingly focused on growing our global brands in a predominantly managed and franchised hotel system," InterContinental's board said in a statement. "The execution of this strategy needs different leadership skills based on brand development and operations."

Acknowledging the company's new business direction, North said, "I would have loved to continue to manage InterContinental Hotels Group PLC as it evolves to become the world's leading hospitality brand owner. But I recognize that someone else whose whole business background has been developing and managing brands may be better placed to ensure the company achieves this vision and creates maximum value for shareholders."

David Webster, InterContinental's non-executive chairman, will assume the position of interim chief executive until a replacement for North is found.

InterContinental Hotels Group owns, manages, leases or franchises more than 3,500 hotels comprising 538,000 guest rooms in nearly 100 countries and territories combined. The company's brands include InterContinental Hotels, Crowne Plaza Hotels, Holiday Inn Hotels, Staybridge Suites, and Candlewood Suites.
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