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Starwood loses confidence in chief executive

02 April 2007 by
Starwood loses confidence in chief executive

Starwood Hotels and Resorts' chief executive, Steven Heyer, has been forced to resign after the company's board "lost confidence" in his management style and leadership.

In a company statement released today, Stephen Quazzo, chairman of Starwood's Governance and Nominating Committee, 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."

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 two and a half year.

"Starwood is performing extremely well and I am confident it will enjoy continued success in the future."

Heyer, who has been chief executive and a board director since October 2004, was involved in the transition of ownership from company founder Barry Sternlicht when he left the company in 2005.

He will be temporarily replaced by Bruce Duncan, the group's chairman, until a permanent replacement is found.

Duncan, who has been at Starwood since 1995, said: "Starwood is pursuing the right strategy. We are currently in the middle of a dynamic growth period, including expanding our footprint substantially around the globe.

"I look forward to leading Starwood as we execute its successful continuing transformation from a cyclical real estate business into a leading global hotel operator and lifestyle company."

Starwood president to resign >>

Starwood hotels and Resorts website >>

By Emily Manson

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