Tycoons ensnared in Epstein revelations
Hyatt Hotels executive chairman Tom Pritzker is retiring from his role after the latest files released by the US Department of Justice revealed his associations with sex offender Jeffrey Epstein.
Pritzker, who held the role for more than two decades, made the announcement on Monday, CNN reported. He also said that he would not be seeking re-election to the board at the annual stockholder meeting in May.
"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.
The executive's announcement comes after the US Justice Department unveiled the latest Epstein files, in which Pritzker and the convicted sex offender were shown exchanging emails in 2018.
"I exercised terrible judgement in maintaining contact with them, and there is no excuse for failing to distance myself sooner," Pritzker said in his latest statement quoted by CNBC.
"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."
Pritzker's announcement ends his 24-year reign as executive chairman at Hyatt Hotels, an American multinational hospitality company with more than 1,500 hotels and all-inclusive properties in 83 countries.
In a statement, Hyatt Hotels Corporation said it had appointed Mark Hoplamazian, the company's president and chief executive officer, to succeed Pritzker as Chairman of the Board.
"We are confident that Mark's deep knowledge of Hyatt's business, strong relationships with owners and colleagues, and proven track record as CEO of nearly two decades positions him well to serve as Chairman and continue driving Hyatt's long-term success," said Richard Tuttle, Chair of the Board's Nominating and Corporate Governance Committee, in a statement.
Epstein-driven executive shake-up
Pritzker joins the growing list of executives facing repercussions for their unveiled association with Jeffrey Epstein, a convicted sex offender who passed away in August 2019.
These associations were exposed after the US Department of Justice released thousands of documents detailing Epstein's activities, including emails exchanged between him and his social circle of public figures, executives, and celebrities.
Among those named in the massive exposé is Microsoft co‑founder Bill Gates, with Epstein appearing to suggest that Gates was having an extramarital affair and seeking illicit drugs.
The Microsoft co-founder, however, denied the allegations but apologised for his association with Epstein.
"Apparently, Jeffrey wrote an email to himself. That email was never sent, the email is false," Gates told 9 News Australia.
"So I don't know what his thinking was there. Was he trying to attack me in some way?
"It just reminds me, every minute I spent with him I regret, and I apologise that I did that," he added.
Tycoons facing repercussions over the Epstein files include those outside the United States.
In the United Arab Emirates, Sultan Ahmed bin Sulayem was recently replaced as chairman and CEO of the logistics giant DP World over the executive's association with Epstein.
DP World is one of the world's largest logistics companies and operates in more than 80 countries worldwide.
A statement from Dubai's Media Office revealed that DP World's new board chair is His Excellency Essa Kazim, while Yuvraj Narayan is the new Group CEO.
"DP World affirmed that the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and supporting Dubai's position as a leading hub for trade and logistics," the statement read.
