The Board of Directors of Starwood Hotels & Resorts Worldwide, Inc. has announced that Steven J. Heyer has resigned as chief executive officer and a director. (4/3/2007)
Heyer had been chief executive officer and a director since October 2004.
Bruce W. Duncan, Starwood’s chairman since 2005 and a director since 1995, will also serve as interim chief executive officer while the Board conducts a search for a permanent replacement.
Stephen R. Quazzo, chairman of the Governance and Nominating Committee of the Starwood Board, said, “While the Board appreciates the good work Steve Heyer has done to position Starwood for the future, issues with regard to his management style have led us to lose confidence in his leadership. Starwood today is performing well and has a strong market position, a winning strategy, and significant growth potential. Given the Company’s deep management team and Bruce Duncan’s willingness to serve as interim CEO on a full-time basis as long as he is needed, the Board is confident Starwood’s performance will not miss a beat.”
Heyer said, “I was asked to lead the Company through a complex transition and at the same time create an exciting platform for future growth. I am proud of what we have accomplished in the last 2-1/2 years and believe Bruce Duncan and the team will continue to execute Starwood’s strategy with distinction. Starwood is performing extremely well and I am confident it will enjoy continued success in the future.”
The Board of Directors has retained Spencer Stuart to assist in its search for a permanent CEO and intends to thoroughly evaluate both internal and external candidates.
