LOS ANGELES (AP) - Hilton Hotels Corp. CEO Stephen F. Bollenbach will step down at the end of the year, but will retain his role as co-chairman of the board through 2010, the hotel operator said Thursday.
The Beverly Hills-based company said it expected to name a successor to Bollenbach by this summer.
Bollenbach served as CEO the past 11 years. On the board, he will assist with long-term planning, strategic oversight and other matters, the company said.
His employment agreement calls for him to serve as a consultant to the company for a year after vacating his position on the board.
"We are pleased that we - along with our shareholders, team members and hotel owners - will continue to have the benefit of Steve's business acumen, experience and insights as Hilton strengthens its position as the premier global lodging company,'' Hilton co-chairman Barron Hilton said in a prepared statement.
Calls to the company seeking comment were not immediately returned.
Hilton also said Matthew Hart, Hilton's president and chief operating officer, was elected to the company's board.
Hilton operates more than 2,800 hotels in more than 80 countries. Its brands include Doubletree, Embassy Suites, Hampton and its namesake.-AP
Source : STAR
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