Hakkasan Group CEO Neil Moffitt has confirmed he will be stepping down from his role at the global hospitality giant amid speculation created by the developing merger with SBE Entertainment.

Hakkasan President and COO Nick McCabe has been promoted to CEO.

Monday’s statement announced Moffitt—whose Angel Management Group was acquired by Hakkasan when he became CEO more than five years ago—has decided to liquidate his interests in Hakkasan prior to the merger closing and they have been acquired by the current shareholder. “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,” he said. “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.”

In a separate statement released today, McCabe said: “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.”

Hakkasan Group operates across North America, Europe, the Middle East, Asia and Africa and is fully owned by Alliance International Investments LLC of Abu Dhabi. 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.

In March, SBE founder and CEO Nazarian confirmed the two companies were in advanced merger discussions and the deal is expected to close by the end of May.