CFO Tom Mangas Named New Starwood CEO

Tom Mangas - Starwood Hotels & Resorts Worldwide

Not only does Starwood Hotels & Resorts Worldwide have a new owner, Marriott International, but now it also has a new leader: The company announced yesterday that it has appointed Executive Vice President and Chief Financial Officer Thomas "Tom" Mangas as CEO, effective Dec. 31, 2015. Mangas replaces interim CEO Adam Aron, who took over in February after the resignation of Frits van Paasschen.

"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 Mangas as CFO will be Alan Schnaid, senior vice president, corporate controller, and principal accounting officer.

Said Mangas, "I am thrilled to take on this new role as we continue to provide our guests with Starwood's unique brand of hospitality, grow our footprint around the globe, drive value for our hotel owners and shareholders, and ultimately bring together two great companies and the talent within."

Starwood said it expects its merger with Marriott to close by mid-year 2016.

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