Richard North, chief executive of InterContinental Hotels has been sacked at the instigation of the non-executive directors because they believe the group’s new strategy requires a new leadership.

A statement released by the company said: “The priority for the business [since its demerger from Six Continents] has centered on reducing capital intensity but now our future is increasingly focused on growing our global brands in a predominantly managed and franchised hotel system.

“The execution of this strategy needs different leadership skills based on brand development and operations.”

Non-executive chair, David Webster, is to take on the role of interim chief executive while a successor to North is sought.

“We believe that this is the right time to change,” Webster said. “It will not affect our core strategy – in fact, it reinforces it.”

North was reportedly ‘shocked’ at his sacking, particularly as it follows a significant rise in pre-tax profits and the announcement that once the sale of more than £2.2bn in assets is completed, approximately £1bn will be returned to shareholders.

“It is now only a matter of time before the company becomes one predominantly about brands, franchising and management,” North said. “I would have loved to continue to manage InterContinental Hotels Group as it evolves to become the world’s leading hospitality brand owner, but I recognise that someone else whose whole business background has been developing and managing brands may be better placed to ensure the company achieves this vision and creates maximum value for shareholders.”

North will step down as chief executive and a director at the end of September.