Hyatt Hotels Corporation announced a significant leadership transition today as Thomas J. Pritzker retired from his post as Executive Chairman. The move is effective immediately, with the company confirming that Mr Pritzker will not stand for re-election to the Board of Directors at the annual meeting scheduled for May. In a quick succession move, the Board has named current President and Chief Executive Officer Mark S. Hoplamazian as the new Chairman of the Board.

Mr Pritzker has been a fixture of the Hyatt leadership team for over forty years, having started his senior executive responsibilities for predecessor companies in 1980. He joined the Hyatt Board and took the Executive Chairman role in August 2004. Throughout his time at the helm, he managed the company’s global expansion and the transition to its current asset-light model.

Speaking on the transition, Richard Tuttle, Chair of the Board’s Nominating and Corporate Governance Committee, 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. The Board has engaged in thoughtful succession planning, and we are confident that Mark’s deep knowledge of Hyatt’s business, strong relationships with owners and colleagues, and proven track record as CEO of nearly two decades positions him well to serve as Chairman and continue driving Hyatt’s long-term success.”

Reflecting on his departure, Mr 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. Hyatt is well positioned for the future, and I have great confidence in Mark, our leadership team, and the Board as they continue to build on our strong foundation.”

Mr Hoplamazian, who now adds the Chairman title to his CEO duties, said: “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. Looking ahead, we remain focused on executing our strategy for long-term growth, advancing care for our colleagues, delivering meaningful experiences for our guests, and driving performance for owners and value for our stockholders.”