Sol Kerzner has confirmed he is stepping down as chief executive of Kerzner International but will remain as the company’s chairman.

He will be replaced by Alan Leibman.

“Over the last 17 years Alan has contributed extensively to Kerzner’s success, and his vast experience in this industry makes him an ideal chief executive to lead Kerzner into the future,” Kerzner said.

“Alan has a great deal of passion and commitment to both our employees and our guests.

“As chief executive, Alan will lead the executive management team and will be actively engaged in all aspects of the business.

“I firmly believe this new organisational structure and focus will best ensure the future success and growth of Kerzner International.”

Liebman joined the company in 1994 and since then has held numerous positions including chief operating officer of Atlantis on Paradise Island, president and managing director of Atlantis The Palm in Dubai, and most recently he was the regional president of Europe, Africa and the Middle East.

“I am truly pleased to take on this new role as chief executive at this exciting time in the company’s history,” said Leibman.

“I have been fortunate enough to have learned and developed under Sol’s leadership for the past 17 years, and couldn’t have asked for a better mentor.

“I plan to continue executing on the same distinct entrepreneurial vision and spirit that he instilled in the company.”

Kerzner recently lost control of a new of resorts in its portfolio following a debt restructuring.