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Starwood CEO Abruptly Steps Down After Board Cites Lack of ConfidenceApril 9, 2007 By: David Eisen Travel Agent
Starwood Hotels & Resorts, the hotel chain known for its trendsetting industry moves, will now be forced to blaze a new trail at the top. Steve Heyer, the former Coca-Cola marketing whiz turned CEO of Starwood Hotels & Resorts, resigned his position in the company last week after two-and-a-half years due to clashes with Starwood's board over his managing style. Bruce Duncan, the 55-year-old chairman of Starwood, was named interim CEO while the company looks for a permanent replacement.
In an unusual move, Starwood openly disclosed the discontent
its board felt toward Heyer. "While the board appreciates the good work
Steve Heyer has done to position Starwood for the future, issues with regard to
his management style have led us to lose confidence in his leadership,"
said chairman of the governance and nominating committees on Starwood's board,
Stephen Quazzo, who also has the task of finding Heyer's replacement. One point
of contention was Heyer's unwillingness to relocate to Starwood's headquarters
preferring to live and commute from his home in
Indisputably, Starwood flourished under Heyer's leadership.
Last year alone, the company netted more than $1 billion in income, and
industry analysts favored his strategy of divesting owned properties in favor
of generating income from management fees, which Starwood says it won't change.
Heyer also oversaw the launch of two new Starwood brands, aloft, a midprice
offshoot of its W brand, and Element, an extended-stay concept born out of the
In a rather bizarre twist, the man who originally brought
Heyer to Starwood left because of him. Former Starwood CEO Barry Sternlicht
hired Heyer for his clever marketing and branding abilities, which he honed
during stints with Coca-Cola and Turner Broadcasting. Quickly, though, their
relationship soured as they haggled over the company's direction. Ultimately,
it was Sternlicht who bitterly left the company in May 2005. However, Heyer's
recent departure has sparked speculation that Sternlicht could come back to
head the company he originally founded.
Ripe for a Takeover?
The company also announced that its chief marketing officer,
Javier Benito, is leaving. Although this is unrelated to Heyer's departure,
some suspect that this management shakeup makes the company ripe for a
"Change in leadership may serve as a catalyst for
Starwood to explore the possibility of an outright sale," Citigroup
analyst Joshua Attie said. "We have no specific knowledge of a
transaction, but the environment seems right in which to sell the
Goldman Sachs analyst Steven Kent said that Starwood could
be a target for a buyout by a private equity group, a pervasive hotel-industry
trend made fashionable by the likes of the Blackstone Group, which has spent
billions over the past three years on hotel acquisitions. However, acting CEO
Duncan dispelled any such notion during an analyst call last Monday. "We
do not expect any other management changes and there will be no strategic
changes in the coming months, just sustained focus on implementing the
successful plan we have in place," he said.
No Impact on Agents
Travel agents are quite comfortable that the shakeup at
Starwood will have little consequence on their livelihoods.
"It won't make a difference," says Anne Morgan
Scully, president of McCabe World Travel in
"The satisfaction for the guest is really at the hotel level and its
general management. Starwood has had so many changes in the last year or two
and I'd say the hotels have never been better. We don't like change, but it's
the most consistent thing in our industry."
Peter Carideo, president of Chicago-based CRC Travel,
agrees. "It really will have no effect on us at this level," he says.
"I am always more affected by sales people and general managers leaving
specific hotels or sales offices. Only if the direction of the company changes
with the new CEO in such a way as to negate the value of travel agents, I
really see no effect on us."