Thomas J. Pritzker, the billionaire inheritor to the Hyatt Resorts fortune and a central determine within the firm’s fashionable enlargement, has stepped down as government chairman with rapid impact, citing remorse over his long-running affiliation with Jeffrey Epstein and Ghislaine Maxwell.
In a letter to Hyatt’s board on Monday, Pritzker, 75, mentioned he was leaving to guard the resort group from additional reputational harm, acknowledging that his continued contact with Epstein after the financier’s 2008 sex-crimes plea deal mirrored a severe lapse in judgement.
Who’s Tom Pritzker? Chicago-born Hyatt inheritor, dealmaker and philanthropist
Born and raised in Chicago, Illinois, Tom Pritzker is one among 13 billionaire heirs within the Pritzker clan and has lengthy been among the many most influential figures behind Hyatt’s company route. He holds a BA from Claremont Males’s School and each MBA and JD levels from the College of Chicago. In line with Forbes, he has a real-time internet value of $6.2 billion.
Pritzker served as government chairman of Hyatt Resorts and the Pritzker Organisation, the household’s historic service provider financial institution. Hyatt’s origins date to 1957, when his father, Jay Pritzker, purchased the primary Hyatt Home motel close to Los Angeles Worldwide Airport. The household additionally expanded manufacturing group Marmon within the Fifties; Pritzker later led Marmon’s 2008 sale to Berkshire Hathaway.
Throughout his profession, Tom Pritzker has been concerned in acquisitions and company-building in a number of industries, together with founding ventures in container leasing (Triton), biotechnology (Bay Metropolis Capital), and healthcare (Reliant Prescribed drugs and First Well being). He stepped down from Royal Caribbean Cruises’ board in 2020 after serving as a director for 20 years.
His affect extends past enterprise. Tom Pritzker is chairman of the Heart for Strategic and Worldwide Research (CSIS) in Washington, a member of the Aspen Technique Group, and sits on the chief committee of the College of Chicago’s board. He’s additionally chairman of the Hyatt Basis, which sponsors the Pritzker Structure Prize.
Within the sciences, Tom Pritzker partnered with the College of Chicago to determine a faculty of molecular engineering and based the Pritzker Neuropsychiatric Problems Analysis Consortium, a collaborative effort centered on the genetic foundation of psychiatric problems. He has additionally held honorary educational roles in China, together with as an honorary professor of historical past at Sichuan College, and has obtained honorary recognition from Tsinghua College. For 3 a long time, he has led archaeological expeditions within the Western Himalayas and is a fellow of the American Academy of Arts and Sciences.
Tom Pritzker’s resignation locations him amongst a widening checklist of elite enterprise figures who’ve confronted skilled penalties after being named in lately launched Epstein-related paperwork.
Pritzker resigns as government chairman amid Epstien Information fallout
In his letter to the board, Tom Pritzker framed the choice as an act of company accountability, “Good stewardship additionally means defending Hyatt, significantly within the context of my affiliation with Jeffrey Epstein and Ghislaine Maxwell which I deeply remorse.”
Tom Pritzker added, “I exercised horrible judgment in sustaining contact with them, and there’s no excuse for failing to distance myself sooner.”
In a separate assertion issued by way of the Pritzker Organisation, Tom Pritzker reiterated the identical theme, arguing that his function required him to keep away from changing into a legal responsibility for the corporate.
“My job and accountability is to supply good stewardship. That’s vital to me,” Pritzker mentioned within the assertion. “Good stewardship contains guaranteeing a correct transition at Hyatt.”
Newly launched information element years of pleasant exchanges after Epstein’s 2008 plea deal
The controversy stems from newly launched tranche of Epstein Information displaying Tom Pritzker remained in common contact with Jeffery Epstein for years after the financier pleaded responsible in Florida in 2008 to state prices associated to soliciting prostitution, together with one depend involving a minor.
The correspondence between Tom Pritzker and Epstein contains electronic mail exchanges arranging meals and appointments, together with conferences at Epstein’s Manhattan townhouse. The paperwork don’t allege prison wrongdoing by Pritzker, however they’ve fuelled scrutiny over why such relationships persevered lengthy after Epstein’s conviction turned public.
Epstein died in 2019 whereas in federal custody after being arrested on youngster intercourse trafficking prices.
Emails reveal private familiarity — together with a message about discovering Epstein “a brand new girlfriend”
Among the many most generally circulated exchanges is a 2018 electronic mail by which Epstein requested Tom Pritzker to assist his girlfriend, Karyna Shuliak, organise a visit to Southeast Asia.
Pritzker agreed and requested what she meant to do there.
Shuliak replied: “Going to attempt to discover a new girlfriend for Jeffrey.”
Tom Pritzker responded with a smiley-face emoticon and wrote: “Might the Drive be with you.”
One other change, from 2015, confirmed Epstein joking with Tom Pritzker whereas the 2 had been arranging to satisfy, “Would you discover it amusing to have dali lama meet woody allen for lunch on sat = may very well be a memorable occasion.”
The Epstein Information additionally point out the 2 males mentioned invites to the ceremony for the Pritzker Prize, the celebrated worldwide structure award related to the household, together with a Beijing occasion.
Hyatt board appoints Mark Hoplamazian as chairman as management reshuffles
Hyatt mentioned Tom Pritzker wouldn’t search re-election to the board on the firm’s annual stockholders assembly in Might. The board appointed Hyatt’s president, Mark S. Hoplamazian, to function chairman instantly.
In a press release, Richard Tuttle, chair of the board’s nominating and company governance committee, credited Pritzker’s function in shaping the corporate.
“Tom’s management has been instrumental in shaping Hyatt’s technique and long-term development, and we thank him for his service and dedication to Hyatt,” Tuttle mentioned.
Pritzker condemns Epstein and Maxwell, says he feels “deep sorrow” for victims
Pritzker’s statements included an specific denunciation of Epstein and Maxwell, who was convicted for her function in Epstein’s trafficking operation.
“I exercised horrible judgment in sustaining contact with them, and there’s no excuse for failing to distance myself sooner,” Pritzker mentioned within the assertion. “I condemn the actions and the hurt attributable to Epstein and Maxwell and I really feel deep sorrow for the ache they inflicted on their victims.”
He mentioned he would now concentrate on a science basis he based.
One other high-profile resignation as Epstein ties turn out to be a company legal responsibility
Pritzker’s resignation comes amid a renewed wave of reputational fallout following the discharge of 1000’s of paperwork and images related to Epstein’s community.
Different enterprise leaders have stepped down in current weeks, together with former Goldman Sachs authorized chief Kathryn Ruemmler and Paul Weiss chair Brad Karp, each of whom have mentioned their previous associations with Epstein had turn out to be distractions for the organisations they served.
Whereas the launched information don’t routinely suggest wrongdoing by these named, they’ve intensified scrutiny of the social {and professional} ecosystems that enabled Epstein to keep up entry to highly effective people for years.