The billionaire Thomas Pritzker has stepped down as executive chair of the hotel chain Hyatt, after revelations over his ties with the late child sex offender Jeffrey Epstein.

Pritzker said he had exercised “terrible judgment” in maintaining contact with the sex offender and Ghislaine Maxwell, who was convicted in 2021 for her role in recruiting and grooming underage girls.

Files released by the US Department of Justice showed that Pritzker, 75, was in regular contact with Epstein after his 2008 plea deal for procuring a minor for prostitution.

Pritzker, who had been executive chair of the hotel chain since 2004, said he had decided to step down after discussions with the board and would not stand for re-election.

He said in a release from his family office, the Pritzker Organisation: “My job and responsibility is to provide good stewardship … Good stewardship includes ensuring a proper transition at Hyatt.

“Good stewardship also means protecting Hyatt, particularly in the context of my association with Jeffrey Epstein and Ghislaine Maxwell which I deeply regret. I exercised terrible judgment in maintaining contact with them, and there is no excuse for failing to distance myself sooner.

“I condemn the actions and the harm caused by Epstein and Maxwell and I feel deep sorrow for the pain they inflicted on their victims.”

Pritzker was previously president and chief executive at Hyatt. The hotel group was founded by his father, Jay Pritzker.

The board named Mark Hoplamazian, the current president and chief executive at Hyatt, to succeed Pritzker as chair effective immediately.

In a letter to the board, Pritzker did not mention Epstein but noted he will turn 76 in June and that he is “very confident that Hyatt has built the strength and agility to carry on and thrive”.

Pritzker is the latest senior business figure to step down from his role after the release of the Epstein files, which revealed the late sex offender’s ties to many prominent people in politics, business and academia.

Last week Sultan Ahmed bin Sulayem, the boss of the P&O Ferries owner, DP World, left his post after revelations over his ties with Epstein.

Kathy Ruemmler, the top lawyer at Goldman Sachs and a former White House counsel to Barack Obama, also announced her resignation after emails showed a close relationship with the sex offender. This month Brad Karp stepped down as chair of the US law firm Paul Weiss over his ties with Epstein.

Casey Wasserman, a leading Hollywood talent agent, announced he would be selling his business after communications with Maxwell were exposed in the files. He cited the impact on the company from “past personal mistakes”, telling staff he felt he had “become a distraction” to its work.