Hyatt Hotels chairman steps down over Jeffrey Epstein ties

7 hours agoOsmond ChiaBusiness reporterGetty ImagesThomas Pritzker, 75, said he had exercised "terrible judgement"Billionaire Thomas Pritzker says he has retired as the Hyatt Hotels chairman, after his ties with Jeffrey Epstein surfaced in the latest files released by the US Department of Justice.He said in a statement on Monday that he had exercised "terrible judgement" in maintaining contact with the convicted sex offender.Recently released files showed that Pritzker was in regular contact with Epstein in the years after the financier's 2008 plea deal on sex crime charges.Pritzker, who has held the role of executive chairman at the global hotel chain since 2004, said he decided to step down after discussions with fellow board members and would not stand for re-election."My job and responsibility is to provide good stewardship... Good stewardship includes ensuring a proper transition at Hyatt", said Pritzker, the billionaire heir to the hotel chain's fortune.He said: "Good stewardship also means protecting Hyatt, particularly in the context of my association with Jeffrey Epstein and Ghislaine Maxwell which I deeply regret."Maxwell was convicted in 2021 for her role in luring underage girls for Epstein.He was convicted in 2008 for soliciting prostitution from a child and died while in custody facing sex trafficking charges in 2019.Pritzker said he condemned the actions of the pair, adding: "There is no excuse for failing to distance myself sooner."His statement was paired with a letter to the board, in which Pritzker points out that he will be 76 this year and that the company is in a "strong and sustainable position" with the strength to thrive. He does not mention his links to Epstein or Maxwell in his letter to the board.The board named Mark Hoplamazian, Hyatt's president and chief executive, to take over from Pritzker as chairman.Hoplamazian said Pritzker's decision "reflects his stewardship and strong commitment" to Hyatt over decades of service.The release of the Epstein files has revealed the financier's ties to numerous prominent figures in politics, business and academia, many of whom are facing scrutiny.There is no suggestion that appearing in the documents suggests any wrongdoing.Earlier this month, Goldman Sachs' top lawyer, Kathy Ruemmler, announced she would leave the company after emails in the latest tranche of Epstein documents showed she had a close relationship with the financier.Ruemmler has denied having any knowledge of his criminal conduct.Brad Karp, the chairman of US law firm Paul Weiss, also stepped down in February after emails reportedly showed he discussed Epstein's 2008 conviction with him. Paul Weiss has previously said that Karp "never witnessed or participated in any misconduct".