Whitbread (LON:WTB) chief executive Andy Harrison has announced his intention to step down from the role by February, 2016.
Harrison, who has previously led easyJet (LON:EZJ) and RAC, joined the Premier Inn and Costa Coffee owner in 2010 but today said it was time to “seek new challenges”.
Under his watch, Whitbread shares have tripled in value and currently trade at £53.
“Whitbread has gone from strength to strength under Andy’s leadership, delivering consistent rapid and profitable growth,” Chairman Richard Baker said.
It was later confirmed that Harrison is to become chairman of Dunelm (LON:DNLM), the FTSE 250 homewares retailer, from 7 July.
News of his departure came after Whitbread reported a rise in sales and profits in its latest financial year to 26 February.
Total revenue climbed 13.7% to £2.6bn, driven by a 15% rise in sales at hotel chain Premier Inn and an 18% rise at the Costa Coffee shop chain.
It meant an underlying profit before tax of £488mln, 18% higher than last year and a full-year dividend increase of 19.4%, 69p to 82p.
Whitbread has now set "new growth milestones" for 2020 when it aims to increase its Costa sales by more than £1bn, add over 25,000 rooms to Premier Inn and create around 15,000 new jobs.
Baker added the plans showed belief in "the continuing profitable growth opportunities available to both these businesses".