Starwood president and CEO resigns

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.

Frits van Paasschen resigned as president and CEO of Stamford, Connecticut-based Starwood Hotels, owner of the Sheraton and W brands, in a move "that's been building over the past few months" and "came to a head this weekend," chairman Bruce Duncan said on a conference call on Tuesday.