Hyatt Hotels Corp., the chain controlled by the Pritzker family, named Gebhard F. Rainer as its new chief financial officer as part of a reorganization.
Rainer, currently managing director of Europe, Africa and the Middle East, will replace Harmit J. Singh on Aug. 15, Chicago-based Hyatt said today in statement. After exiting the CFO post, Singh will serve as an executive vice president through Dec. 31, then leave the company, Hyatt said.
The reorganization includes the formation of a new real estate and capital strategy group to focus on buying and selling hotels and manage finances to further the company's expansion. Steve Haggerty, currently head of real estate and development at Hyatt, will lead the new unit.
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The company also will create three regional operations and a global operations center "to enhance organizational effectiveness and adaptability," it said in the statement. The regions will be Asia, the Americas and Europe, Africa and the Middle East. The reorganization is scheduled for completion by the end of September.
Starwood Hotels & Resorts Worldwide Inc., the Stamford, Connecticut-based owner of the luxury St. Regis and W brands, last month announced management changes and said it is combining its operations in North America and Latin America.
Hyatt plans to report its first-quarter earnings today.
Bloomberg News
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