Starwood CEO Resigns; Adam Aron Appointed Interim CEO

Frits van Paasschen has resigned as President, Chief Executive Officer and a Director of Starwood Hotels & Resorts Worldwide.

Adam Aron, a Starwood Director since 2006, has been named Chief Executive Officer on an interim basis while the Board conducts a search for a permanent CEO that will include both internal and external candidates.

Frits will continue with Starwood as a consultant to assist in the transition.

“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 endeavors,” said Bruce W. Duncan, Chairman of the Board. “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.”

Aron has been a director of Starwood since 2006, serving at various times on the Audit Committee, Capital Committee, Corporate Governance and Nominating Committee, and Compensation and Option Committee which he chaired. Since 2006, he has been a Senior Operating Partner at Apollo Management L.P. and Chief Executive Officer of World Leisure Partners, Inc., a leisure-related consultancy. He served as Chief Executive Officer of the Philadelphia 76ers from 2011 through 2013. From 1996 through 2006, Aron was Chairman and Chief Executive Officer of Vail Resorts, Inc., an owner and operator of ski resorts and hotels. From 1993 through 1996, he was President and Chief Executive Officer of Norwegian Cruise Line. Earlier in his career, Aron was Senior Vice President of Marketing for United Airlines and for Hyatt Hotels Corporation. Aron is a director of Norwegian Cruise Line Holdings.

Aron said, “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. I look forward to working with our talented management team and dedicated associates across the globe as we strive to accelerate our growth strategy and further enhance our world-class hotel brands.”