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Starwood CEO quits
Starwood Hotels & Resorts Worldwide CEO Steve Heyer has quit after the company’s directors lost confidence in his management style.
Bloomberg reported that financial analysts are speculating the move may make it easier for Starwood founder Barry Sternlicht, the owner of Starwood Capital, or other private equity firms, to buy the company.
While Starwood searches for a new CEO, 54-year-old Heyer will be replaced temporarily by chairman Bruce Duncan
A former Coca-Cola president, Heyer became chief executive of Starwood in October 2004, replacing Sternlicht.
Duncan said Heyer’s resignation was related “solely” to his style of management.
Under Heyer, Starwood has sold real estate to focus on managing hotels. Starwood sold 33 hotels last year for US$3.63 billion.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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