Hyatt Hotels Corporation executive chairman Tom Pritzker has announced he will retire from his role and will not stand for re-election to the company’s board, citing his past association with disgraced financier Jeffrey Epstein.
Pritzker, who has served as executive chairman since 2004, said the decision followed discussions with fellow board members and was made in the interests of a smooth leadership transition.
“My job and responsibility is to provide good stewardship. That includes ensuring a proper transition at Hyatt,” Pritzker said in a statement issued by the Pritzker Organization.
He acknowledged his past contact with Epstein and Ghislaine Maxwell, describing it as a “terrible judgment” he deeply regrets.
“Good stewardship also means protecting Hyatt, particularly in the context of my association with Jeffrey Epstein and Ghislaine Maxwell,” he said. “There is no excuse for failing to distance myself sooner.”
Hyatt president and CEO Mark Hoplamazian has been named chairman effective immediately.
Pritzker said he condemns the actions of Epstein and Maxwell and expressed sorrow for the harm caused to victims.
Recently released documents revealed Pritzker maintained contact with Epstein after the financier’s 2008 conviction, including correspondence relating to meetings and travel arrangements.
Pritzker becomes the latest high-profile business leader to step aside amid renewed scrutiny of links to Epstein following the release of additional files by US authorities.
