Global hospitality giant Hakkasan Group announced Chief Executive Officer Neil Moffitt will leave the company prior to the expected merger with SBE Entertainment. SBE founder and Chief Executive Officer Sam Nazarian confirmed last month the deal is expected to close by late May.
Moffitt became chief executive officer at Hakkasan when it acquired his company, Angel Management Group, more than five years ago. His interests in Hakkasan have been acquired by the current shareholder.
Moffitt stated, “I am incredibly proud of what we have achieved over the last five years as we have transformed our company from the hopeful and ambitious nightlife group we once were to an extraordinary global hospitality corporation spanning four continents. The business is now primed for continued success and ready to move into its next exciting phase of development. My passion for what we have built will never go away. However it feels like the right moment for me to step off the train and refocus on my own future and family.”
Hakkasan President and Chief Operating Officer Nick McCabe has been promoted to chief executive officer. He commented, “I couldn’t be more proud to take on the challenge of leading the company that I’ve been both a fan of, and then a part of, for the past six years. While it’s a bittersweet time due to the departure of my mentor Neil Moffitt, I hope that I can continue the amazing work that was done by him to bring the company to where it is today. I also look forward to working alongside Sam Nazarian and the SBE team in an organization that promises to be the most exciting hospitality company in the world. Knowing the strength of the executives at both companies, I’m excited that we’ll be surrounded by a team that is more than capable of achieving the ambitious goals that we share.”
Owned by Alliance International Investments LLC of Abu Dhabi, Hakkasan Group operates across North America, Europe, the Middle East, Asia and Africa. On the Las Vegas Strip, Hakkasan operates Citizens, Fix, Hakkasan, Herringbone, Kumi, Red Square, Searsucker, Stack and Yellowtail; and bars, dayclubs and nightclubs 1 Oak, Alibi, Bare, Hakkasan, Jewel, Level Up, Lily, Liquid, Omnia, the Bank, Vista and Wet Republic.
