Starwood Hotels & Resorts Names Frits Van Paasschen As CEO

Starwood Hotels & Resorts Worldwide, Inc. has announced that Frits van Paasschen, former President and Chief Executive Officer of Coors Brewing Company, will join Starwood as Chief Executive Officer, effective September 24. Mr. van Paasschen, who will relocate to the White Plains area, succeeds Bruce W. Duncan, who has served as interim CEO since April and will continue as Starwoods Chairman. Mr. van Paasschen, 46, has over 20 years of experience with consumer-focused, global lifestyle brands. During his two and a half years as President and CEO of Molson Coors Brewing Companys largest division, Coors Brewing Company increased its volumes, sales, and profits. Prior to joining Coors in 2005, Mr. van Paasschen spent seven years at Nike, Inc, where he was most recently responsible for its business in Europe, the Middle East and Africa, and increased revenues from $2.5 billion to nearly $4 billion and doubled profits over a four-year period. Mr. Duncan said, "Frits is an extremely talented and proven leader with demonstrated success in driving both top and bottom-line growth on a global scale across a variety of leading consumer lifestyle companies. Our company has never been in a stronger position, with a robust pipeline of approximately 105,000 rooms, of which over 70% are in the upper upscale and luxury segments and approximately half of which are outside of North America. We remain focused on developing and opening new properties, with 80 new openings planned for this year and over 100 for next year. With the combination of our strong foundation, exceptional in-house talent and Frits unique perspective, strong performance in managing global brands and deep international experience, the Board is confident in Starwoods continued profitable growth. I look forward to working with him as we position our company for an even stronger future." Mr. van Paasschen said, "I am thrilled to be joining Starwood. This is an exciting period of transformation for Starwood as it establishes itself as a leading global hotel operator and lifestyle company with many outstanding brands, and I look forward to working with its strong management team and talented associates to build on Starwoods solid foundation and take the company to the next level of performance and market impact in the years ahead."

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