Starwood Appoints New CEO and CFO

Starwood Hotels & Resorts has appointed Thomas B. Mangas, currently Executive Vice President and Chief Financial Officer, as Chief Executive Officer, effective 31 December 2015.

The appointment follows the resignation of Adam Aron, who is leaving Starwood at the end of the month to become Chief Executive Officer and President of AMC Entertainment Holdings, Inc.

Starwood continues to expect its previously announced acquisition by Marriott International to close by mid-2016.

The company has also appointed Alan M. Schnaid, currently Senior Vice President, Corporate Controller and Principal Accounting Officer of Starwood, as Chief Financial Officer, and Robyn Arnell, currently Vice President, Finance and Accounting Services, as Corporate Controller.

Bruce W. 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.”

Mangas has been Executive Vice President and Chief Financial Officer 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, he served as Executive Vice President and Chief Executive Officer of Armstrong Floor Products, a division of Armstrong World Industries, Inc. From 2010 to 2013, he was Senior Vice President and Chief Financial Officer of Armstrong World Industries, Inc., where he was responsible for finance, investor relations, information technology and global business services. Previously, Mangas spent 20 years at The Procter & Gamble Company in increasingly senior finance and accounting positions.

Mangas said, “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.”

Schnaid joined Starwood in 1994 and has been Starwood’s Senior Vice President, Corporate Controller and Principal Accounting Officer since 2005. Prior to that, Schnaid was Senior Vice President and Corporate Controller since 1998 and Vice President and Controller since 1996. Prior to joining Starwood, Schnaid held accounting positions with Mazars and Company, Kenneth Leventhal and Company and Laventhol & Horwath.

Arnell joined Starwood in 1998 and has been Vice President, Finance and Accounting Services of Starwood since 2012, with responsibility for overseeing Starwood’s corporate and hotel shared service finance operations. Arnell is a certified public accountant and has also served as Vice President and Chief Audit Executive and Vice President, Assistant Corporate Controller during her tenure with Starwood. Prior to joining Starwood, Arnell held various positions with Promus Hotels, formerly Doubletree Hotels Corporation and Arthur Andersen LLP.

Given the time requirements of his new role, Aron has also resigned from Starwood’s Board of Directors, effective 30 December 30 2015.