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The chief executive of InterContinental Hotels Group resigned this morning effective 30 June, to be succeeded by the CFO.

Andy Cosslett, who joined IHG in February 2005 from Cadbury Schweppes, said it’s the right time to step down in terms of the position of the company, because it has “closed a chapter” after the Holiday Inn relaunch. His successor, Richard Solomons, 49, will leave his role as CFO and director of commercial development to become CEO on 1 July. He has been with the company since 1992.

Cosslett, 55, said he has been considering his situation for quite a while: “I’m into my seventh year, but it does feel like the right time to hand over the reins. … The business is in great shape, and that really helps my exit.”