Thomas Pritzker, the Executive Chairman of Hyatt Hotels Corporation, announced his retirement on Monday and issued an apology regarding his past associations with Jeffrey Epstein.

A statement released by the Pritzker family's investment office confirmed that the 75-year-old billionaire will step down from his role as Executive Chairman of the hotel chain effective immediately—a position he had held for more than two decades. He stated he would not seek re-election to the board at the upcoming annual shareholders' meeting.

"My responsibility is good governance, which is critically important to me," Pritzker said in the statement. "Good governance includes ensuring a smooth transition at Hyatt."

Pritzker expressed regret over his past associations with Jeffrey Epstein and his associate Ghislaine Maxwell.

Epstein pleaded guilty in 2008 to state criminal charges in Florida related to soliciting prostitution, including charges involving a minor. He died by suicide in a jail cell in 2019 after being arrested on federal child sex trafficking charges.

Recently unsealed court documents indicate that Pritzker exchanged friendly emails with the disgraced financier even after Epstein's 2008 plea agreement was finalized.

"My judgment in continuing a relationship with them was poor, and my failure to sever ties earlier is indefensible," Pritzker stated. "I condemn the actions of Epstein and Maxwell and the harm they caused, and I am deeply saddened by the pain suffered by the victims."

Pritzker said that following his retirement, he will focus his attention on a scientific foundation he established.

Pritzker is the latest prominent figure to resign as more details emerge concerning dealings with Epstein. Former Goldman Sachs General Counsel Kathryn Ruemmler and Brad Karp, Chairman of law firm Paul Weiss, are among other recent high-profile business resignations. Both expressed regret over their connections to Epstein and stated that related media coverage had become a distraction for their respective organizations.

Hyatt stated that its board has appointed Chief Executive Officer Mark Hoplamazian to assume the role of Chairman, effective immediately. Board member Richard Tuttle thanked Pritzker for his contributions in a press release, noting that he played a "critical role" in shaping the strategy of the Chicago-based company.