Starwood Hotels & Resorts has confirmed that
Vasant M. Prabhu has resigned as Vice Chairman and Chief Financial
Officer to join NBC Universal as Chief Financial Officer.
Twenty-year Starwood veteran and finance leader Alan Schnaid,
currently Senior Vice President, Finance and Chief Accounting
Officer, will serve as interim Chief Financial Officer effective
To ensure a smooth transition, Prabhu will continue
with Starwood through 30 May 2014.
Starwood has already commenced a
comprehensive search for a permanent replacement, assisted by
executive search firm Korn Ferry, that will consider both internal
and external candidates.
“On behalf of Starwood’s Board of
Directors and our management team, I want to thank Vasant for his
outstanding strategic and financial leadership over the past
decade,” said Frits van Paasschen, President and Chief Executive
Officer. “Since joining Starwood, Vasant has played an integral
role in the company’s growth, as we’ve grown our brands across the
globe and evolved our business toward a fee-driven model. Vasant
has been a true partner to me, especially as we navigated through
the economic downturn and emerged an even stronger competitor in
today’s global hospitality industry. We will miss his talent and
wise counsel, but we understand his decision and wish him well.”
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