Frits van Paasschen, chief executive officer and president of Starwood Hotels & Resorts Worldwide, has resigned by "mutual agreement with the board of directors."
In a release, Starwood Chairman Bruce Duncan said, "The board believes now is the right time to take steps to accelerate Starwood's growth, improve performance, and sharpen our focus on operational excellence."
The Stamford, CT-based company -- which includes brands such as Westin, Sheraton, W, Westin, St. Regis, Le Meridien, Aloft, and Element -- said its board would conduct a search for a permanent CEO. Adam Aron, a member of Starwood's board since 2006, will serve as interim chief executive.
"I'm proud of Starwood's accomplishments and the growth we've seen around the world and across all nine of our brands," said van Paasschen. "We have challenged ourselves to deliver on bold plans while continuously finding new ways to provide better experiences for our guests, and it's clear from our progress that Starwood is now in a strong position for the future."
Before joining Starwood, van Paasschen was CEO of Coors Brewing Co.