Steven Heyer, former CEO of Starwood Hotels & Resorts (HOT), abruptly resigned last week following a company investigation triggered by an anonymous letter from an employee alleging personal misconduct by Heyer, said a person with direct knowledge of the matter. The person declined to be named because of the sensitivity of the matter. Attempts to reach Heyer by phone and through phone calls and e-mail to his attorney were unsuccessful.
Heyer resigned April 2 and forfeited a severance package worth about $35 million. At the time, the hotel operating company’s explanation was that the board of directors had difficulty with his management style. Starwood owns various upscale hotel brands, including Westin, Sheraton and The W.
Bruce Duncan, chairman since 2005, will serve as interim CEO until the board finds a permanent replacement.? ? Read more