Starwood Hotels & Resorts Announces Resignation of Vice Chairman and Chief Financial Officer Vasant Prabhu
Vasant M. Prabhu has resigned as Vice Chairman and Chief Financial Officer to join NBCUniversal as Chief Financial Officer. Twenty-year Starwood veteran and finance leader Alan Schnaid , currently Senior Vice President, Finance and Chief Accounting Officer, will serve as interim Chief Financial Officer effective immediately. To ensure a smooth transition, Prabhu will continue with Starwood through May 30, 2014. Starwood has commenced a comprehensive search for a permanent replacement, assisted by executive search firm Korn Ferry, that will consider both internal and external candidates.
his outstanding strategic and financial leadership over the past decade,” said Frits van Paasschen, President and Chief Executive Officer. “Since joining Starwood, Vasant has played an integral role in the company’s growth, as we’ve grown our brands across the globe and evolved our business toward a fee-driven model. Vasant has been a true partner to me, especially as we navigated through the economic downturn and emerged an even stronger competitor in today’s global hospitality industry. We will miss his talent and wise counsel, but we understand his decision and wish him well."
Prabhu said, "It’s been a privilege to have worked with such an outstanding team during my tenureat Starwood. While it was a difficult decision to leave such an innovative and global organization, I know that the company is well positioned to continue to grow its brands and take full advantage of the revolution in high-end travel that is underway. I wish Frits and the team continued success and my sincerest thanks."
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