Kempinski AG, Munich and Kempinski Hotels SA, Geneva released a statement on March 13, 2019, saying that Colin Lubbe will not prolong his mandate as CFO and vice chairman of the management board.
This follows chairman of the management board Markus Semer’s decision to leave Kempinski for a new assignment as of next year, the statement revealed. Lubbe has been asked and has accepted to extend his mandate until a CFO is recruited and appointed.
During Lubbe’s ten-year tenure at the company, the portfolio reportedly grew from 47 hotels to 78 hotels under operation and 21 under pre-opening and development with the latest landmark openings in Singapore, Dubai's The Palm Jumeirah, Muscat and Bali.
Lubbe has served as a member of the management board of Kempinski AG and as a director of the board of Kempinski Hotels SA and has served for the last three years as vice chairman of the management board.
Speaking about Lubbe’s decision to leave, chairman of Kempinski AG, H.E. Abdulla H. Saif, said: “On behalf of the Supervisory Board, I would like to sincerely thank Colin Lubbe for his contribution and dedication to the group and the Kempinski brand over the last ten years in his role as CFO, having been in charge of finance, IT and technical & pre-opening services. We would also like to thank him for having accepted in the interest of the company to extend his mandate during this transition period, thus allowing the board to recruit and appoint his successor in a transparent and coordinated manner. We wish him every success in his future endeavours.”
Lubbe, who expressed how proud he has been to have contributed to increasing the company value substantially over the last three years for the Kempinski shareholders, said: “We are closing the business year 2018 with having yet again exceeded our company’s profit targets and having fulfilled all strategic KPIs and net portfolio growth objectives.”
“I leave in place an exceptionally talented team who will continue to build on what we have achieved and have no doubt that they will continue to grow and excel, individually and for the company,” he added.
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