Starwood Hotels & Resorts said Tuesday that CEO Frits
van Paasschen has “resigned by mutual agreement with the board of directors.”
Adam Aron, a Starwood director since 2006, is serving as CEO
on an interim basis while the board conducts a CEO search. Starwood said
candidates will come from within and outside the company.
Starwood hired van Paasschen in 2007 because of his strength
in branding. He had been CEO of Coors Brewing Co. before taking the Starwood
job. He held executive positions at Nike and Disney Consumer products before
that.
In a release announcing van Paasschen’s departure, Starwood
Chairman Bruce Duncan 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.”
Duncan also 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.”
Van Paasschen remarked, “I’m proud of Starwood’s accomplishments and
the growth we’ve seen around the world and across all nine of our brands. We
have challenged ourselves to deliver on bold plans while continuously finding
new ways to provide better experiences for our guests, and it’s clear from our
progress that Starwood is now in a strong position for the future.”