PHOTO: Thomas B. Mangas replaces interim CEO Adam Aron at Starwood Hotels & Resorts. (Photo courtesy of Starwood Hotels & Resorts)
Starwood Hotels & Resorts has named Thomas B. Mangas as its new chief executive officer, effective Dec. 31, 2015, the company announced Tuesday.
Mangas, who is currently serving as executive vice president and chief financial officer, replaces interim CEO Adam Aron, who resigned from his role. Aron will leave the company at the end of the month before taking over as president and CEO of AMC Entertainment Holdings, Inc.
Tuesday's announcement was accompanied by two other appointments. Starwood said senior vice president, corporate controller and principal accounting officer Alan M. Schnaid will take over as CFO and vice president, finance and accounting services Robyn Arnell will be promoted to the role of corporate controller.
Mangas has been in his current role as executive vice president and CFO of Starwood since September 2014. Prior to joining the company, Mangas spent several years serving as senior vice president and CFO of Armstrong World Industries, Inc. He also spent approximately two decades with The Procter & Gamble Company serving in senior finance and accounting positions.
"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," said Mangas in a statement. "I look forward to continued partnership with Alan and Robyn, two longtime leaders who are examples of the strength of Starwood's team."
In a statement of his own, Aron called his experience leading Starwood a "privilege."
Aron, who took the reigns from Frits van Paasschen following the latter's resignation this past February, oversaw last month's merger with Marriott International. In Tuesday's announcement, Starwood said that it still expects its acquisition by Marriott to close by mid-year 2016.
Once the $12.2 billion deal is completed, the two industry giants will form the world's largest hotel company.
"On behalf of Starwood's Board of Directors, I would like to thank Adam for stepping in to lead our company during a pivotal time in Starwood's history," said Starwood's Chairman of the Board Bruce Duncan in a statement. "He accomplished much during his tenure as CEO, and contributed in countless ways as a member of our Board for nearly a decade."
"He leaves the company in excellent hands with Tom, a valued leader on our team who was instrumental in our review of our strategic alternatives and will continue to oversee the completion of our combination with Marriott."
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