Starwood CEO Resigns By “Mutual Agreement”

Frits van Paasschen ex-Starwood CEOStarwood Hotels CEO Frits van Passschen has resigned under pressure from a board and shareholders dissatisfied by the total returns under his watch – 10% over the past year compared with 30% for peers such as Marriott and and Hilton Worldwide – and the slow rate of growth in properties under management.

Board member Adam Aron has been appointed interim CEO while a replacement is sought. See WSJ story.

Share and Enjoy: