Named Interim CEO
At The Leading Hotels of the World, Ltd (LHW) in New York - NY, USA
The Leading Hotels of the World, Ltd announced today that Ted Teng is stepping down from his position as President and CEO, effective April 12, 2019, after 10 years leading the company. The Leading Hotels of the World Executive Committee has named Shannon Knapp, Senior Vice President and Chief Marketing Officer, as interim CEO, assuming responsibilities as of April 13, 2019.
"On behalf of the Executive Committee, I would like to thank Ted Teng for his leadership and invaluable contributions to LHW over the past decade," said Andrea Kracht, Chairman, Executive Committee of The Leading Hotels of the World, Ltd. "He has remained steadfast in his commitment to reignite the now nine-decade old brand by honoring its traditions, while innovating to achieve greater strength and success for the future. It was this commitment that enabled LHW to achieve unprecedented member hotel revenue in 2018, surpassing $1 billion for the first time in the company's history."
"After 10 years as President and CEO of Leading Hotels, I am proud of re-establishing the company's position in the industry and the growth that we have been able to accomplish," said Ted Teng, President and CEO, The Leading Hotels of the World. "Since joining the company in 2008, I have held firm to my guiding principle, 'Preserve, Enhance, and Invent,' focusing on restoring the Leading Hotel's foundation to better serve its member hotels, enhancing the quality of the collection and redefining a differentiated business strategy to guide the company into the future."
Teng's career, spanning 40 years, has been rooted in hospitality industry. Prior to joining The Leading Hotels of the World, Teng led the growth of some of the world's most prominent hotel brands, serving as president, chief operating officer of Wyndham International, Inc., and president, Asia-Pacific, for Starwood Hotels & Resorts Worldwide, Inc., following the merger of Starwood Lodging, Westin, and Sheraton. In addition, Teng has been dedicated to developing the future generation of hospitality leaders through his service at his alma mater, The School of Hotel Administration at Cornell University, as well as other hospitality schools and development programs around the world.
As the Executive Committee considers the plan for CEO succession, they have asked Shannon Knapp to lead the company through the transition. Knapp has been instrumental in the company's growth over the last five years and a driving force of strategy and innovation at Leading Hotels. Knapp also brings extensive experience in the broader travel industry. Prior to joining Leading Hotels as Senior Vice President and Chief Marketing Officer, she spent 15 years with American Express, where she had the opportunity to work in both the Corporate and Leisure travel divisions, managing travel programs, partners and benefits for the consumer and travel consortia business.