(Bloomberg) — Starwood Hotels & Resorts Worldwide Inc. President and Chief Executive Officer Frits van Paasschen resigned by mutual consent with the board of directors.
Adam Aron, a director at the lodgings company since 2006, will act as interim CEO while the board searches for a permanent replacement for van Paasschen, the Stamford, Connecticut-based company said in a statement on Tuesday.
“The board believes now is the right time to take steps to accelerate Starwood’s growth, improve performance, and sharpen our focus,” Chairman Bruce Duncan said in the statement. Aron “is very familiar with our strategy, brands and leaders around the globe.”
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Starwood Hotels, owner of the Sheraton and W Brands, climbed the most in three years on Feb. 10 after announcing a plan to spin off its timeshare business into a new publicly traded company. Starwood reported fourth-quarter net income of $1.33 a share, beating the 76 cents average estimate of nine analysts, according to data compiled by Bloomberg.
“We have challenged ourselves to deliver on bold plans while continuously finding new ways to provide better experiences for our guests,” van Paasschen said in the statement. “Starwood is now in a strong position for the future.”
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Van Paasschen had been CEO and president of Starwood Hotels for seven years.
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