Frits van Paasschen of Starwood resigns

Frits van Paasschen

Frits van Paasschen

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Frits van Paasschen, chief executive officer and president of Starwood Hotels and Resorts Worldwide, has resigned from the company by mutual agreement, according to the hotel company. Adam Aron, a current board member, has been named as interim CEO while the board begins its search for van Paasschen's replacement.

Aron is a senior operating partner at Apollo Global Management. Since 2006 he has been chairman and CEO of World Leisure Partners, Inc.,
a personal consultancy for matters related to travel and tourism,
high-end real estate development and professional sports, which acts in
partnership with Apollo. Aron has previously served as CEO of the
Philadelphia 76ers, chairman of the board and chief executive officer of Vail Resorts, Inc., president
and CEO of Norwegian Cruise Line and senior vice-president of marketing for United Airlines.

van Paasschen has
been chief executive officer and president of the company since September 2007.
From March 2005 until September 2007, he served as president and CEO of Molson Coors Brewing Company’s largest division, Coors
Brewing Company, a brewing company, prior to its merger with Miller Brewing
Company and the formation of MillerCoors LLC. Prior to joining Coors, from
April 2004 until March 2005, van Paasschen worked independently through
FPaasschen Consulting, consulting company, and Mercator Investments, a
private equity firm, evaluating, proposing, and negotiating private equity
transactions.

Bruce W. Duncan, chairman of the board, 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. He’s put innovation and technology leadership at the
forefront, while building a culture of collaboration across a dynamic
organization. On behalf of the board, I want to thank Frits for his
outstanding service and wish him the best in his future
endeavours.

“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. We are fortunate to have on our board a
talented and experienced
business builder in Adam Aron who is prepared to step into the CEO
position on an interim basis. Adam has been a Starwood director for
nearly a decade and has deep hospitality industry experience as former
CEO of both Vail Resorts and Norwegian Cruise Line. He is very familiar with our strategy, brands and leaders around the
globe, and we are confident Starwood won’t miss a beat as he steps in to
lead the company during this transitional period.”

“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. “We
have challenged ourselves to deliver on bold plans while continuously
finding new ways to provide better experiences for our guests, and it’s
clear from our progress that Starwood is now in a strong position for
the future. Creating this powerful global platform would not have been
possible without the talented team of associates I have been honored to
work with, and I am confident that Starwood will enjoy continued
success for many years to come.”