Four Seasons Hotels and Resorts announced that Allen Smith, currently CEO of Prudential Real Estate Investors, will become president and CEO of the luxury hotel company.
The announcement follows an extensive global search overseen by the private company’s long-term shareholders, Kingdom Holding Company, Cascade Investment and Triples Holdings. Smith, age 56, will take up his new position on September 23.
Smith has served as CEO of Prudential Real Estate Investors (PREI), one of the world’s largest real estate investment managers, since 2008.
Under his leadership, PREI expanded its global presence, which today consists of 23 offices worldwide and $53 billion in real estate assets under management, including many hotels.
Smith joined Prudential in 1987 as a member of its hotel investment group after earning his master’s degree from Cornell University’s School of Hotel Administration.
Over the course of his career with Prudential, his responsibilities expanded beyond hotel investing to include all commercial property types and all facets of the real estate investment business including strategic planning, organizational development, capital partner relations, portfolio management, corporate finance and business operations.
Four Seasons was founded in 1960 by Isadore Sharp, who built the company into the global icon it is today, with 91 properties in 38 countries complemented by a strong development pipeline.
The company was taken private in 2007 by its long-term shareholders.
With their support, Four Seasons is expanding its leadership position by accelerating execution of its existing growth strategy to further strengthen its iconic brand, while creating new opportunities for its loyal guests, employees, and hotel owner partners worldwide.
Commenting on Sunday’s announcement, Prince Alwaleed bin Talal, chairman of Kingdom Holding Company, said: “The success of Four Seasons as the world’s greatest luxury hospitality company has resulted from the incredibly strong and consistent vision that the company has pursued from its inception. We have enjoyed a strong relationship over 20 years as the company has evolved and grown, and we look forward to continuing to work closely with our friends at Cascade and Triples to support Allen as CEO.”
Michael Larson, chief investment officer of Cascade Investment, added: “We see great market opportunities to further expand the Four Seasons brand worldwide.”
Larson added: “Allen is a proven global growth leader and investor who fits well with our strong company culture and understands the value of preserving the quality of the existing brand. We are excited to work closely with our great partners and Allen to execute the established strategic plan for the company.”
Smith commented: “Having led a global real estate investment business, I am convinced there is no greater hotel brand and the market demand for Four Seasons around the world is enormous. This is a remarkable situation for me to leverage the complete range of skills developed over my career and it is an honor to help take one of the world’s most admired companies to even greater heights and more great places.”
Smith said: “The chance to work with this group of owners, management and employees created what is truly a once in a lifetime opportunity.”
Allen Smith appointed CEO of Four Seasons
Allen Smith appointed CEO of Four Seasons
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
