Starwood CEO Frits van Paasschen Resigns, Replacement Search is On

Shares of Starwood Hotels are rising in Tuesday trading after the hotel operator announced the departure of its chief executive Frits van Paasschen. Starwood said van Paasschen resigned by mutual agreement with the Board of Directors as president, CEO and a director. The company named director Adam Aron interim CEO as it conducts an internal and external search for a permanent replacement. Van Paasschen will stay on with Starwood as a consultant to assist in the transition. Bruce Duncan, chairman of the board, said in a statement that now is the time to take steps to accelerate Starwood's growth, improve performance and sharpen its focus on operational excellence.