Global Hyatt Corporation announced that Doug Geoga has resigned as President of the company, effective June 30, 2006.The company indicated that Mr. Geoga, 50, intends to form a hospitality investment and advisory firm at that time. Mark Hoplamazian, 42, currently President of The Pritzker Organization, a merchant-banking firm serving the Pritzker Family’s business activities, will become Interim President of Global Hyatt effective July 1, 2006.
The company has retained an international executive search firm to conduct a search for a Chief Executive Officer, and has also indicated that it will continue its relationship with Mr. Geoga as a consulting client of his new firm beginning at the time of his resignation.
In making the announcement, Tom Pritzker, Chairman and CEO of Global Hyatt, recognized Geoga’s 23 years of service to Hyatt and the Pritzker Family, including service as president of the chain’s U.S. businesses from 1994 to 2000, and most recently his role as President of Global Hyatt Corporation, the holding company that owns and operates all of Hyatt’s global hospitality businesses and assets, since 2003.
“We are grateful for Doug’s many contributions to Hyatt over the years, particularly his work in connection with the formation and launch of Global Hyatt Corporation and the extraordinary growth in earnings, hotel distribution and market share the company has enjoyed over the past several years,” said Mr. Pritzker. “We believe that we have built a strong base upon which Global Hyatt can enjoy continued success and growth and have available to it a full range of business options for future consideration at appropriate times. We look forward to a continuing relationship with Doug involving both Hyatt-related and other business opportunities.”
Mr. Geoga said, “I would like to express my appreciation to the Pritzker Family and to my colleagues at Hyatt throughout the world for the personal and professional relationships we have enjoyed over the years. I am proud of what we have accomplished to date at Global Hyatt and confident of the company’s bright future. I look forward to continuing both those personal and professional relationships in the days ahead and am grateful for the support of the Pritzker Family in my new endeavors.”
Mr. Hoplamazian has been involved as an advisor in Global Hyatt’s business activities for many years. “I am confident that with my familiarity with Hyatt’s businesses, my relationships with many of its people, and with our continuing consulting arrangement with Doug, we will be able to continue the strong performance Global Hyatt has delivered at its hotels around the world, and the growth of the company’s various brands, while we conduct our CEO search,” he said.