Starwood appoints Thomas Mangas new CEO

Starwood Hotels & Resorts Worldwide today announced that Thomas Mangas, currently executive vice president and CFO, has been named chief executive effective from December 31, 2015. The appointment follows the resignation of Adam Aron, who leaves at the end of the month to become chief executive and president of AMC Entertainment Holdings. Starwood continues to expect its previously announced acquisition by Marriott International to close by mid-year 2016. The Company also announced that Alan Schnaid, currently senior vice president, corporate controller and principal accounting officer of Starwood, will be appointed CFO, and Robyn Arnell, currently vice president, finance and accounting services, will assume the role of corporate controller. Bruce Duncan, chairman of the board, said: “On behalf of Starwood’s board of directors, I would like to thank Adam for stepping in to lead our company during a pivotal time in Starwood’s history. He accomplished much during his tenure as CEO, and contributed in countless ways as a member of our board for nearly a decade. "He leaves the company in excellent hands with Tom, a valued leader on our team who was instrumental in our review of our strategic alternatives and will continue to oversee the completion of our combination with Marriott.” Aron said: “It has been a privilege to lead an extraordinary team of people around the world who, through their creativity and innovation, have changed the hospitality industry and the hotel experience in meaningful ways. I am proud of what we have accomplished together with reinvigorated existing brands, the launch of new brands, accelerated growth and our game-changing merger with Marriott to soon become the biggest and best hotel company in the world.” Mangas has been executive vice president and CFO since September 2014, responsible for the global accounting, tax, treasury, strategic planning, corporate development, risk management, investor relations and supply chain functions. Prior to joining Starwood, Mangas served as executive vice president and CFO of Armstrong Floor Products. Previously he spent 20 years at Procter & Gamble in increasingly senior finance and accounting positions. Mangas added: “I am thrilled to take on this new role as we continue to provide our guests with Starwood’s unique brand of hospitality, grow our footprint around the globe, drive value for our hotel owners and shareholders, and ultimately bring together two great companies and the talent within. I look forward to continued partnership with Alan and Robyn, two longtime leaders who are examples of the strength of Starwood’s team.” Given the time requirements of his new role, Aron has also resigned from Starwood’s board of directors, effective December 30, 2015.