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Starwood president and CEO resigns

Frits van Paasschen's quitting has been building over the past few months and came to a head this weekend: chairman Bruce Duncan

ON HIS WAY OUT: Mr van Paasschen is said to have been slow to expand through brand additions to reach new markets or add hotels in existing ones.

Los Angeles

STARWOOD Hotels & Resorts Worldwide Inc's new chief executive officer may need to acquire new brands and expand into lower-priced segments of the industry, avoided by the company previously, to catch up with growth at competitors such as Marriott International Inc.