Just as the industry is processing the $12.2-billion acquisition of Starwood Hotels & Resorts Worldwide by Marriott International, a major leadership change is taking place.
Bloomberg reported that Adam Aron, Starwood's interim CEO, is stepping down from the company to head U.S. theater chain AMC Entertainment Holdings. Aron stepped into the chief executive position at Starwood after the company's longtime leader, Frits van Paasschen, resigned in February. Aron will start at AMC on January 4, 2016, and is replacing that company's interim CEO, Craig Ramsey. Aron was previously CEO and co-owner of the Philadelphia 76ers basketball team, and in the past held positions at Vail Resorts and Norwegian Cruise Line.
"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," Aron said in a statement. "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."
Replacing Aron at Starwood is Thomas B. Mangas, effective December 31, 2015. According to The News & Observer, Mangas was previously EVP and chief financial officer at Starwood, positions he has held since September 2014. Filling in for Mangas' previous role as chief financial officer will be Alam M. Schnaid, who is currently SVP, corporate controller and principal accounting officer at Starwood. Robyn Arnell, currently VP, finance and accounting services, will assume the role of corporate controller.
"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," said Bruce W. Duncan, chairman of the board for Starwood. "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."