IHG kicks off hunt for new chairman - report
InterContinental Hotels Group has reportedly started the search for a successor to its veteran chairman Patrick Cescau.
The London-listed hotels group – which owns Crowne Plaza and Holiday Inn, among other brands – has not commented on any potential board changes.
But according to Sky News, the blue chip is working with head-hunters to find his replacement, with expectations of a successor being in place by the 2022 annual general meeting.
City grandee Cescau, 73, a former chief executive of Anglo-Dutch consumer goods giant Unilever, joined the IHG board in 2013. Widely-respected in the City, he spent most of his career at Unilever, but has also held directorships at supermarket chain Tesco and International Airlines Group, the owner of British Airways.
IHG, which has just shy of 6,000 hotels worldwide, said in August that the pandemic had contributed to interim revenues easing 6% to $1.2bn, although it returned to the black with pre-tax profits of $67m.
As at 1115 BST, shares in IHG were down just under 1%, at 4,907.0p.