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Starwood has named its Chief Financial Officer,
Vasant Prabhu, as Vice Chairman. Starwood's President and Chief
Executive Officer, Frits van Paasschen, made the announcement
following the company's recent Board of Directors meeting.
"Vasant's leadership and strategic vision were
in sharp relief in 2009 as Starwood navigated the toughest year
our industry has endured since the Great Depression," said van
Paasschen. "His efforts and collaboration ensured that Starwood
did not just survive the global economic crisis, but actually
emerged stronger, with our financial house in order, well poised
to take advantage of opportunities we expect will arise."
According to van Paasschen, the company significantly cut costs in
2009, raised over $1.6 billion in cash from a broad range of
transactions, reduced its debt by over $1 billion and paid down
debt maturities from 2010 through 2013.
Prabhu, whose new
title is Vice Chairman and Chief Financial Officer, will continue
to report to van Paasschen. In his new role, he is not a member of
the Company's Board of Directors.
Prabhu, 50, joined
Starwood in 2003. Prior to joining Starwood, he served as
Executive Vice President and Chief Financial Officer for Safeway
Inc., one of North America's largest food retailers. He also
served as President of Information and Media Group for The McGraw
Hill Companies and Senior Vice President of Finance and Chief
Financial Officer for Pepsi Cola International where he was
responsible for the company's franchise and owned operations in
more than 100 countries.
Prabhu holds an M.B.A. in
Marketing and Finance from the University of Chicago and a B.S. in
Engineering from the Indian Institute of Technology in Bombay,
India. He and his family reside in Greenwich, Connecticut.
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