Hyatt Announces Board Transition as Thomas J. Pritzker Retires; Mark Hoplamazian Appointed Chairman
Hyatt Hotels Corporation has announced that Thomas J. Pritzker will retire as Executive Chairman of the Board with immediate effect and will not seek re-election at the company’s Annual Meeting of Stockholders in May. The Board has appointed Mark S. Hoplamazian, Hyatt’s President and Chief Executive Officer, as Chairman of the Board, effective immediately, while he continues in his role as CEO. Pritzker has served on Hyatt’s Board and as Executive Chairman since August 2004, with earlier senior executive and chairman responsibilities for predecessor entities dating back to 1980. During his tenure, the hotel group expanded its brand portfolio, advanced its asset-light business model, and grew its international presence.
His retirement follows renewed public scrutiny after the US Department of Justice released additional files referencing his past association with financier Jeffrey Epstein. In a separate statement, Pritzker acknowledged what he described as “terrible judgment” in maintaining contact with Epstein after the latter’s 2008 conviction and said he regretted the association.
Richard Tuttle, Chair of the Board’s Nominating and Corporate Governance Committee, said the leadership transition follows succession planning and cited Hoplamazian’s experience and familiarity with the company. Pritzker stated that it had been an honour to contribute to Hyatt’s development and expressed confidence in the company’s leadership and Board. Hoplamazian said he looks forward to assuming the additional role while continuing to focus on Hyatt’s strategy, colleagues, guests, owners, and stockholders.
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