The Rezidor Hotel Group: New Chief Development Officer
Following the established tradition of exchanges between Rezidor and Carlson, Martin Rinck, Executive Vice President & Chief Development Officer (CDO) of The Rezidor Hotel Group, has been appointed President and Managing Director of Carlson Hotels Worldwide Asia Pacific, effective October 1, 2007 and based in Singapore. His successor is Puneet Chhatwal, Vice President Business Development.
“Martin Rinck is progressing his career to take on new challenges”, says Kurt Ritter, President & CEO of The Rezidor Hotel Group, “I’m delighted that he will work in such an exciting market. Martin is a leading contributor to our success story, and we wish him all the best.” Rinck joined Rezidor in 2003 and has been in charge of the Business Development team responsible for the group’s strategic growth across EMEA. In emerging markets such as Russia and the CIS he established Rezidor as the most successful pioneer of the industry.
Under Puneet Chhatwal’s management, Rezidor’s development team will continue this aggressive growth. Following Rinck’s tenure as Chief Development Officer, the group - which today features 300 hotels in operation and under development with more than 61.000 rooms - will open 20.000 additional rooms between 2007 and 2009. Chhatwal succeeds Rinck as Senior Vice President & Chief Development Officer. The 43-year old German of Indian origin has been an integral part of Rezidor’s Business Development since 2002. As Vice President Business Development he has been the driving force behind numerous projects – i.e. Rezidor’s growth in the UK and Ireland from eight to 60 hotels in just four years. Prior to his engagement for Rezidor he was Director of Development for Carlson Hotels Worldwide in Germany. “Puneet Chhatwal knows our company from the inside – and the direction we want to go”, comments Kurt Ritter. “Rezidor is known for its strategy to promote excellent and promising people from within, and Puneet is a very good example.”
The Annual General Meeting 2007 of Rezidor authorized the Board of Directors to decide to repurchase the company’s shares in order to guarantee the share matching in the Long Term Incentive Plan. Rezidor is announcing that the Board has decided to utilize part of its authorization.
Acquisitions will be made on the Stockholm Stock Exchange (Stockholmsbörsen) at a price that falls within the registered share price range at the time.
Acquisitions can be made from 10 August 2007 until the conclusion of next year’s Annual General Meeting. However, no acquisitions will be made during the 30-day period prior to the public release of quarterly reports, including the date of release.
Rezidor currently does not own any of its own shares. The total number of Rezidor shares currently in issue is 150,002,040. The highest number of shares which in total are intended to be repurchased is 1,250,000.