Thomas Pritzker, executive chairman of Hyatt Hotels Corp.’s Board of Directors, informed the board in a letter that he will retire effective immediately, and will not seek re-election to the board of directors at Hyatt’s upcoming annual meeting of stockholders in May.
In a statement, Pritzker cited his connection with convicted sex offenders Jeffrey Epstein and Ghislaine Maxwell as a reason for his retirement. “My job and responsibility is to provide good stewardship,” he said. “[That] means protecting Hyatt, particularly in the context of my association with Jeffrey Epstein and Ghislaine Maxwell which I deeply regret. I exercised terrible judgment in maintaining contact with them, and there is no excuse for failing to distance myself sooner. I condemn the actions and the harm caused by Epstein and Maxwell and I feel deep sorrow for the pain they inflicted on their victims.”
The board has appointed Mark Hoplamazian, Hyatt’s president and chief executive officer, to succeed Pritzker as chairman of the board, effective immediately.
Pritzker’s Legacy
Pritzker has been a member of Hyatt’s Board and as executive chairman since August 2004 and began his senior executive and chairman responsibilities for predecessor entities starting in 1980.
“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,” Richard Tuttle, chair of the board’s nominating and corporate governance committee, said in a statement from the company. “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.”
“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,” Pritzker said. “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.”
“I am honored by the Board’s confidence and look forward to serving as chairman,” Hoplamazian said. “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.”