InterContinental boss steps down

InterContinental Hotels today said it had begun the search for a new chief executive after a change in strategy forced out present boss Richard North.

The group said the departure of Richard North at the end of this month reflected the need for different leadership skills, which will now be based around brand development rather than the ownership of hotels.

Mr North joined the group – then known as Bass – in 1994 and became chief executive of the hotels business in October 2002.

He oversaw the listing of InterContinental Hotels on the London market last year, before pursuing the sale of more than £2bn (€2.9bn) of assets as the company concentrates on management and franchise work.

It presently owns, manages, leases or franchises more than 3,500 hotels under the InterContinental, Holiday Inn and Crowne Plaza brands.

Mr North, who earns a basic salary of £650,000 (€949,600) a year, said: “I would have loved to continue to manage InterContinental Hotels as it evolves to become the world’s leading hospitality brand owner.

“But I recognise 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.”