Starwood chief Heyer in surprise exit – TravelMole true

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Starwood chief Heyer in surprise exit

Wednesday, 03 Apr, 2007 0

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, the third- largest U.S. hotel company, 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.

 

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Ian Jarrett



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