Access the Editor’s Summary without charge
This periodic bulletin features Roula Khalaf, the FT’s Editor, presenting her preferred articles.
Hospitality mogul Thomas Pritzker has resigned as executive chair at Hyatt, after documents made public by the US Department of Justice uncovered the depth of his connections to convicted sex offender Jeffrey Epstein.
Hyatt announced on Monday that Pritzker would relinquish his role “with immediate effect” and be succeeded by Mark Hoplamazian, the lodging group’s president and chief executive.
Pritzker’s departure follows the uncovering of documents detailing voluminous email exchanges and mentions of encounters between the billionaire and Epstein, covering over a decade up to 2019.
Epstein confessed culpability to state charges of procuring underage prostitution in 2008. He was apprehended on federal child sex trafficking charges in 2019, subsequently passing away while incarcerated.
“My duty and obligation involve exercising diligent oversight,” Pritzker declared in an announcement on Monday.
“Diligent oversight . . . entails safeguarding Hyatt, especially given my connection to Jeffrey Epstein and Ghislaine Maxwell, which I profoundly lament. I demonstrated poor discretion by keeping in touch with them, and there is no justification for my failure to disengage earlier.”
Pritzker, aged 75, had held the role of executive chairman at Hyatt since 2004, after formerly holding the positions of president and chief executive. His father, Jay Pritzker, established the hospitality conglomerate.
Pritzker further communicated with Maxwell, who in 2021 was convicted of sex trafficking underage individuals on behalf of Epstein, subsequently receiving a 20-year prison term.
Pritzker’s resignation represents the most recent corporate downfall stemming from the extensive revelations within Epstein’s emails, which have sent shockwaves internationally.
Brad Karp resigned earlier this month as chairman of the US legal practice Paul Weiss, subsequent to disclosures regarding his connections with Epstein. Last week, Kathy Ruemmler, Goldman Sachs’ chief legal officer, also declared intentions to depart after information surfaced concerning her associations with Epstein.