Starwood Vice Chairman / CFO Resigns

Starwood Hotels & Resorts has confirmed that Vasant M. Prabhu has resigned as Vice Chairman and Chief Financial Officer to join NBC Universal as Chief Financial Officer.

Twenty-year Starwood veteran and finance leader Alan Schnaid, currently Senior Vice President, Finance and Chief Accounting Officer, will serve as interim Chief Financial Officer effective immediately.

To ensure a smooth transition, Prabhu will continue with Starwood through 30 May 2014.

Starwood has already commenced a comprehensive search for a permanent replacement, assisted by executive search firm Korn Ferry, that will consider both internal and external candidates.

“On behalf of Starwood’s Board of Directors and our management team, I want to thank Vasant for his outstanding strategic and financial leadership over the past decade,” said Frits van Paasschen, President and Chief Executive Officer. “Since joining Starwood, Vasant has played an integral role in the company’s growth, as we’ve grown our brands across the globe and evolved our business toward a fee-driven model. Vasant has been a true partner to me, especially as we navigated through the economic downturn and emerged an even stronger competitor in today’s global hospitality industry. We will miss his talent and wise counsel, but we understand his decision and wish him well.”