Starwood Hotels & Resorts Worldwide Inc. (HOT) announced that Frits van Paasschen has resigned by mutual agreement with the board as President, Chief Executive and a Director. Adam Aron, a Starwood Director since 2006, has been named Chief Executive Officer on an interim basis, while the board conducts a search for a permanent CEO that would include both internal and external candidates. van Paasschen would continue with Starwood as a consultant to assist in the transition.
Bruce Duncan, Chairman of the Board, said: "The Board believes now is the right time to take steps to accelerate Starwood's growth, improve performance, and sharpen our focus on operational excellence. We are fortunate to have on our Board a talented and experienced business builder in Adam Aron who is prepared to step into the CEO position on an interim basis. Adam has been a Starwood director for nearly a decade and has deep hospitality industry experience as former CEO of both Vail Resorts and Norwegian Cruise Line. He is very familiar with our strategy, brands and leaders around the globe, and we are confident Starwood won't miss a beat as he steps in to lead the Company during this transitional period."
Aron has been a director of Starwood since 2006, serving at various times on the Audit Committee, Capital Committee, Corporate Governance and Nominating Committee, and Compensation and Option Committee which he chaired.
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