The shares of Indian Hotels Company (IHCL) were down on Friday afternoon, a day after the Tata group hospitality major said its managing director and chief executive officer Raymond Bickson had resigned and will step down from the post on August 31 after serving for over a decade.
Around 3pm, IHCL shares were down by 2.66% in the Bombay Stock Exchange.
Bickson joined IHCL board in January 2003 as executive director and COO of Taj Luxury Hotels. He assumed the role as MD and CEO in July 2003.
He will be replaced by Rakesh K Sarna, who was the executive vice-president, group president - Americas, of Hyatt Hotels Corporation.
"Raymond Bickson, MD and CEO of the company has expressed a desire to resign from the services of the company and pursue his professional interests elsewhere," IHCL, which runs luxury hotels under the Taj brand, said in a filing to the BSE.
While accepting the resignation, the board of directors of the company approved the appointment of Rakesh K Sarna as MD and CEO, effective September 1, it said.
According to Indian Hotels, Sarna has over 30 years experience in leadership positions with Hyatt Hotels.
He was the group president of Americas and executive vice-president at Hyatt Hotels Corporation with a portfolio of 146 full service, 233 select service hotels and 15 vacation ownership facilities across North America, the Caribbean and Latin America with 47,000 employees.
Sarna has had an international upbringing. He moved to Canada as a young adult and completed his diploma in hospitality administration from Ottawa, the statement added.
"We're grateful to Mr Bickson for his many years of leadership at the Taj Group. His three decades of hospitality expertise have helped to make the Taj Group and its brands some of the most respected names in the international hotel and resort industry," Cyrus P Mistry, chairman, was quoted as saying in the statement.
The Indian Hotels now consists of 127 hotels spread over five continents.
(with IANS and PTI inputs)