InterContinental Hotels Group Plc (IHG, IHG.L) on Friday announced that Patrick Cescau will become Chairman of the company when David Webster retires on December 31, 2012. Cescau, who was Chief Executive of Anglo-Dutch consumer products maker Unilever (UN, UL, ULVR.L) from 2005 to 2008, will join IHG Board as Chairman on January 1, 2013.
Cescau previously had been the Chairman of Unilever PLC, and also had held other senior positions including its Finance Director and CEO of the Foods Division.
Cescau is currently in the Boards of International Consolidated Airlines Group (IAG.L), Tesco Plc (TSCDY.PK, TSCO.L) and Pearson Plc (PSON.L).
The retiring Chairman Webster has been in that role since January 2004 and was a member of the Board since April 2003. He is also Chairman of the Company's Nomination Committee.
David was a co-founder of Safeway PLC, formerly Argyll Group PLC, and was appointed Chairman in 1997. He retired as Chairman in March 2004 following Safeway's merger with Wm Morrison.
Commenting on his retirement, Webster said, "My time with IHG has truly been a career highlight for me and I leave with a feeling of achievement for all that has been done since demerger in 2003. I'm proud of the total shareholder return delivered over this period and I leave confident that a strong business with a sustainable growth strategy is in place."
Cescau noted that he looks forward to guiding IHG to even greater achievements as the company focuses on brand building and the strategic global expansion of the business in the near term and future.
IHG is an organisation with nine hotel brands including InterContinental Hotels & Resorts, Hotel Indigo, Crowne Plaza Hotels & Resorts, and Holiday Inn Hotels and Resorts, among others. The company franchises, leases, manages or owns over 4,500 hotels, while more than 1,000 hotels are in its development pipeline. IHG expects to recruit around 90,000 people across its estate over the next few years.
In London, IHG shares are currently trading at 1,409 pence, up 3 pence or 0.21 percent.
In the U.S., the shares settled at $22.22, up $0.18 or 0.82 percent.
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