Illinois
Thomas Pritzker, cousin of Illinois governor, steps down as head of Hyatt due to ties with Jeffrey Epstein
Billionaire Thomas Pritzker will be stepping down as executive chairman of Hyatt Hotels and will not be seeking reelection for the position over his ties to convicted sex offender Jeffrey Epstein, he announced on Monday.
The decision to step down, according to Pritzker, was in order to provide “good stewardship” to help protect the corporation and ensure a “proper transition at the Hyatt.”
“Good stewardship also means protecting Hyatt, particularly in the context of my association with Jeffrey Epstein and Ghislaine Maxwell which I deeply regret. I exercised terrible judgment in maintaining contact with them, and there is no excuse for failing to distance myself sooner. I condemn the actions and the harm caused by Epstein and Maxwell and I feel deep sorrow for the pain they inflicted on their victims,” he said in a statement
Pritzker, who is Illinois Gov. JB Pritzker’s cousin, was one of 100 mentioned in the documents that were released on Jan. 3, 2024. The more than 900 pages of primarily unredacted documents included names mentioned by Virginia Giuffre, one of Epstein’s most prominent accusers.
In a deposition, Giuffre accused Thomas Pritzker of serious sexual allegations, naming him as one of several men she was trafficked to have sex with. He continued to deny those allegations.
Pritzker has served as a member of Hyatt’s Board and as executive chairman since August 2004, and began his senior executive and chairman responsibilities for predecessor entities starting in 1980.
The corporation announced that Mark S. Hoplamazian was appointed as Hyatt’s president and CEO in Pritzker’s place.
In a letter to the Hyatt board on Monday, Pritzker wrote in part:
“I am extremely proud of the evolution of Hyatt over the past 25 years. Over that time we have taken Hyatt public, we have transitioned to a purpose driven company, we have adopted agile ways of working, we have gone asset light. We have demonstrated our ability to design and execute strategies. We have also demonstrated resilience in the face of Covid and the ability to move quickly to take advantage of opportunities such as ALG. We have generated very intentional growth not only in our numbers, but more importantly, in our people, culture and ways of working. To have played a role in this was both an honor and one of the great experiences of my life.
But now, inevitably, we are coming to a point where we must face the prospect of succession. This goes to good stewardship. I will be 76 in June. Were I to stand for reelection, I would be committing to another three years as Executive Chairman of a public company. When I look at my care for Hyatt, my respect for good governance and the focus that Margot and I have on our legacy, they all lead me to conclude that what is right for Hyatt and for me is that I retire as Executive Chairman of Hyatt effective immediately and not stand for reelection at our 2026 annual shareholder’s meeting.