Billionaire Thomas Pritzker has stepped down from his role as executive chairman of Hyatt Hotels, effective immediately, in the wake of newly released documents showing regular contact with convicted sex offender Jeffrey Epstein following Epstein’s 2008 plea deal.
The disclosures come from the latest batch of so-called “Epstein files” released by the U.S. Department of Justice, which show that Pritzker was in regular communication with Epstein in the years after the financier’s conviction on sex crime charges. While there is no suggestion that inclusion in the documents implies any criminal wrongdoing, the revelations have generated public scrutiny and prompted Pritzker’s departure from Hyatt’s leadership.
Hyatt’s official announcement of Pritzker’s retirement did not mention the Epstein association. The company said Pritzker informed the Board of Directors that he would retire as executive chairman and would not seek re-election to the board at Hyatt’s upcoming Annual Meeting of Stockholders in May.
In a separate personal statement released on Feb. 16, Pritzker acknowledged exercising “terrible judgment” in maintaining contact with Epstein.
Hyatt has named Mark S. Hoplamazian, the company’s president and chief executive officer, to succeed Pritzker as chairman of the Board, effective immediately.
“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,” said Richard Tuttle, chair of Hyatt’s Board Nominating and Corporate Governance Committee. Tuttle noted that the Board had engaged in succession planning and expressed confidence in Hoplamazian’s ability to lead the company forward.
Hoplamazian has served as Hyatt’s CEO for nearly two decades and is widely credited with guiding the company through significant global expansion. The Board’s appointment consolidates the chairman and CEO roles in Hoplamazian’s position.
Pritzker has been associated with Hyatt for more than four decades. He joined the Board of Hyatt in 1980 and assumed senior executive and chairman responsibilities for predecessor entities before becoming executive chairman in August 2004.
In his farewell remarks, Pritzker said he had been “a proud member of the Hyatt family since the beginning of Hyatt” and described his tenure as “one of the great experiences of my life.” He expressed confidence in Hyatt’s future and its leadership team.
Hoplamazian, in his first statement as chairman, said he was honored by the Board’s confidence and reaffirmed his commitment to executing Hyatt’s strategy for long-term growth, enhancing colleague care, delivering meaningful guest experiences, and creating value for owners and stockholders.
The leadership change comes as Hyatt continues its global operations and strategic initiatives, with Hoplamazian positioned to steer the company through ongoing industry challenges and opportunities.
