Starwood Hotels CEO van Paasschen resigns in a hurry

Interim CEO Adam Aron tells investors firm can speed up its hotel development cycle

New York /
Feb.February 17, 2015 12:42 PM

Frits van Paasschen, CEO of Starwood Hotels & Resorts Worldwide, unexpectedly resigned this morning in a “mutual agreement” with the board of directors.

While no concrete reason was given for the departure, chairman Bruce Duncan told investors on a phone call that the move was made in order to better execute a growth plan for the company. “Now is the right time to turn to new leadership,” he said, according to the New York Post. 

Van Paasschen has led the Stamford, Conn.-based hotel company, which operates the Westin, Sheraton, W, and St. Regis brands, since 2007. Board member Adam Aron will serve as an interim CEO until the company finds a permanent replacement. Aron told investors on the call that Starwood can increase the speed of its hotel development and boost its revenue.

Starwood announced plans last week to spin off its timeshare business into a separate company, but Duncan said these plans were unrelated to van Paasschen’s departure. [NYP]Tess Hofmann

 

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