Hyatt board chairman steps down over Epstein ties

CHICAGO — Billionaire Tom Pritzker announced on Monday he was retiring as executive chairman of Hyatt Hotels after his association with convicted sex offender Jeffrey Epstein was revealed as part of the latest release of files by the U.S. Justice Department.

Pritzker, the cousin of Illinois Governor JB Pritzker, has been executive chairman since 2004 and said he won’t stand for re-election to the company’s board.

Hyatt said the board has appointed President and CEO Mark Hoplamazian to succeed Pritzker as chairman, effective immediately.

“I am honored by the board’s confidence and look forward to serving as chairman,” Hoplamazian said in a release. “Tom’s decision reflects his stewardship and strong commitment to Hyatt over his many decades of service."

“Good stewardship also means protecting Hyatt, particularly in the context of my association with Jeffrey Epstein and Ghislaine Maxwell, which I deeply regret,” Pritzker said in a statement. “I exercised terrible judgment in maintaining contact with them, and there is no excuse for failing to distance myself sooner.”

Pritzker is the latest powerful figure facing repercussions after the release of files showing the depth of Epstein’s network of business and cultural elites.

He began his senior executive and chairman responsibilities for predecessor entities of Hyatt starting in 1980.

“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 the board’s Nominating and Corporate Governance Committee. “The board has engaged in thoughtful succession planning, and we are confident that Mark’s deep knowledge of Hyatt’s business, strong relationships with owners and colleagues, and proven track record as CEO for nearly two decades position him well to serve as chairman and continue driving Hyatt’s long-term success.”

“I have been a proud member of the Hyatt family since the beginning of Hyatt… It has been both an honor and one of the great experiences of my life to have contributed to Hyatt’s growth,” Pritzker said in a Hyatt release.