Starwood Hotels & Resorts Worldwide, Inc. has announced that Frits van Paasschen has resigned by mutual agreement with the Board of Directors as President, Chief Executive Officer 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 will include both internal and external candidates. van Paasschen will continue with Starwood as a consultant to assist in the transition.
Important contributions
Bruce W. Duncan, Chairman of the Board, said, “Frits has made many important contributions over the past seven years to Starwood’s successful evolution into a global company with leading lifestyle brands that possess distinct competitive advantages. He’s put innovation and technology leadership at the forefront, while building a culture of collaboration across a dynamic organization. On behalf of the Board, I want to thank Frits for his outstanding service and wish him the best in his future endeavours.”
Accelerating growth, improving performance
Duncan continued, “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. Since 2006, he has been a Senior Operating Partner at Apollo Management L.P. and Chief Executive Officer of World Leisure Partners, Inc., a leisure-related consultancy. He served as Chief Executive Officer of the Philadelphia 76ers from 2011 through 2013. From 1996 through 2006, Aron was Chairman and Chief Executive Officer of Vail Resorts, Inc., an owner and operator of ski resorts and hotels. From 1993 through 1996, he was President and Chief Executive Officer of Norwegian Cruise Line. Earlier in his career, Aron was Senior Vice President of Marketing for United Airlines and for Hyatt Hotels Corporation. Aron is a director of Norwegian Cruise Line Holdings.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 1,200 properties in some 100 countries and more than 180,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft®, and Element®. The Company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG®), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood also owns Starwood Vacation Ownership, Inc., a premier provider of world-class vacation experiences through villa-style resorts and privileged access to Starwood brands.
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