WHITE PLAINS, NY— After a turbulent two-and-a-half-year tenure, Steven Heyer has resigned as CEO and a director of Starwood Hotels & Resorts Worldwide. In announcing the departure, the Starwood board cited dissatisfaction with Heyers management style. Consequently, the board said it “led us to lose confidence in his leadership.” JP Morgan Chase analyst Harry Curtis also cited Heyers resistance to relocate from his home in Atlanta to Starwood headquarters here as evidence of his noncommittal. Heyer, who previously had served a short tenure as president of Coca-Coca Co., will be replaced on an interim basis by Starwood board chairman Bruce Duncan, who has served in the chairman role since 2005. Duncan formerly was president of Equity Residential, a publicly-traded apartment REIT, and previously served as president/co-CEO of JMB Institutional Realty Corp. Starwood has retained the executive search firm of Spencer Stuart to assist in the search for a permanent CEO. Both internal and external candidates will be approached. No timetable was given for a successor to be named. During his tenure, Heyer was most known for his efforts to create distinct identities for Starwoods different brands, which range from Four Points by Sheraton to St. Regis. Under his watch, Starwood launched the high-end select-service Aloft brand and the extended stay Element product. In late-2005, Le Meridien also joined the Starwood portfolio.
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