Paul McManus, president and CEO of Leading Hotels of the World, will depart his position on Sept. 1 to become vice chairman of Leading Ventures, an LHW arm that develops new business opportunities.
The hospitality organization, which represents 450 luxury hotels worldwide, named Ted Teng as McManus' successor.
Teng currently manages his own hotel investment and operations firm, Prime Opus Partners, which he founded in 2006. Prior to that, Teng was president and COO of Wyndham International.
McManus has been LHW's CEO since 1998. The company announced a CEO succession plan in the fourth quarter of 2007.