Andrew Cosslett, chief executive of InterContinental Hotels, is to step down as the largest hotel chain in the world reshuffles its top management.

He will be replaced by Richard Solomons, who presently holds the dual roles of chief financial officer and head of commercial development.

Solomons will step into his new role as chief executive on July 1st this year.

David Webster, chairman of InterContinental Hotels, said: “Andy has been an outstanding chief executive since joining the company in February 2005 and we are very appreciative of the contribution he has made during his time at IHG.

“While we understand and respect his decision to leave at this stage, we are extremely sorry to see him go.”

A search process is now underway to find a replacement chief financial officer at Intercontinental.

Richard Solomons has been a member of the Board since IHG listed as an independent company in 2003.

Pictured: Richard Solomons will take over as chief executive of InterContinental Hotels

He said: “We have an industry leading development pipeline and will continue to build on our success by harnessing the quality of our people, the loyalty of our owners and the strength of our brands. We can look to the future with great confidence.”

Solomons joined the Group in June 1992 and subsequently held a number of senior roles including chief operating officer of the Americas Hotels division and interim president of the Americas Region.

He has also been finance director of Britvic and chairman, ahead of its initial public offering in 2006.