STAMFORD, CT—Frits van Paasschen, president, CEO and a director at Starwood Hotels & Resorts Worldwide has resigned, reportedly by mutual agreement with the board of directors. Adam Aron, a Starwood director since 2006, has been named interim CEO while the board conducts a search for a permanent CEO that will include both internal and external candidates. Starwood currently offers nine lifestyle hotel brands.
On a conference call announcing the change of leadership, Starwood chairman Bruce Duncan said, “The board has come to the conclusion that now is the right time for new leadership to drive execution of Starwood's growth strategy and sharpen our focus on operational excellence. Our strategy remains to the same: to expand our global footprint and pipeline, expedite execution of our asset light strategy and deliver value.”
The change comes just one week after Starwood announced plans to spin off its time share business. A company spokesperson did not return a call from GlobeSt.com seeking comment. As the company plans its next moves, Aron admitted a need to beef up Starwood's holdings on the limited service front; the hotel industry's sparkling asset of the moment.
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 and CEO of World Leisure Partners.
He served as CEO of the Philadelphia 76ers from 2011 through 2013. From 1996 through 2006, Aron was chairman and CEO of Vail Resorts, an owner and operator of ski resorts and hotels. From 1993 through 1996, he was president and CEO of Norwegian Cruise Line. Earlier in his career, Aron was SVP of Marketing for United Airlines and for Hyatt Hotels Corp. Aron is a director of Norwegian Cruise Line Holdings.
Says Aron, “Having served on the board for almost a decade, I know where Starwood has been and where it's headed, and am excited to lead the Company as we continue to work to increase value for shareholders and customers. I look forward to working with our talented management team and dedicated associates across the globe as we strive to accelerate our growth strategy and further enhance our world-class hotel brands.”
Of van Paasschen, Duncan adds, “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.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
