Starwood Hotels & Resorts are looking for a new leader following the resignation of president and ceo Fritz van Paasschen.
The hotel group said Paasschen resigned by “mutual agreement” with the Board, and Adam Aron, who has been with the company six years, will serve as interim ceo whilst the company embark on a search for a permanent candidate.
“This change had nothing to do with disagreement over strategy,” Starwood board chair Bruce Duncan said on a call to investors, Forbes reports.
“It’s about putting the right teams in place to ensure effective execution.”
“We have come to the conclusion that now is the right time to turn to new leadership to drive execution of Starwood’s growth strategy, improve performance and sharpen our focus on operational excellence,” Duncan said.
“The Board believes now is the right time to take steps to accelerate Starwood’s growth, improve performance, and sharpen our focus on operational excellence.”
van Paasschen had no prior hotel experience before joining the business, and will continue with Starwood as a consultant to assist in the transition.
“I’m proud of Starwood’s accomplishments and the growth we’ve seen around the world and across all nine of our brands,” van Paasschen said.
The move comes a week after Starwood announced it would spin off its vacation ownership business and stronger-than-expected fourth quarter earnings.
Image: (AP Photo/Richard Drew)