Starwood Hotels & Resorts President and CEO Frits van Paasschen has stepped down, the Stamford-based company announced on Tuesday. Starwood officials in a press release said van Paasschen “resigned by mutual agreement with the board of directors.”
- Frits van Paasschen
Adam Aron, a Starwood director since 2006, will serve as interim CEO while the company searches for a permanent replacement.
The Associated Press reported that in an investors call Tuesday morning, Bruce W. Duncan, chairman of the board, said, “Now is the right time to turn to new leadership.” Duncan said there were no disagreements over strategy and that the move serves to better execute Starwood’s growth plans, the AP reported.
Van Paasschen, who has led the hotel company since September 2007, will stay on as a consultant and assist in the transition, Starwood officials 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,” Duncan said in the press release. “He’s put innovation and technology leadership at the forefront, while building a culture of collaboration across a dynamic organization.”
Aron has served on Starwood’s audit committee, capital committee, corporate governance and nominating committee, and compensation and option committee.
“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,” Aron said in the press release.
Aron has been senior operating partner at Apollo Management and CEO of World Leisure Partners Inc. since 2006. He also served as CEO of the Philadelphia 76ers from 2011 through 2013 and was chairman and CEO of Vail Resorts Inc. from 1996 to 2006.
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