Starwood Hotels & Resorts has named a new CEO, effective Dec. 31, following the resignation of interim CEO Adam Aron, who is leaving the company to become CEO and President of AMC Entertainment Holdings. Thomas B. Mangas, currently EVP and CFO of Starwood, will assume the leadership role. Starwood’s previously announced acquisition by Marriott International is still expected to close by mid-year 2016. During a recent appearance on Fox News’ Sunday Morning Futures with Maria Bartiromo, Marriott CEO Arne Sorenson said they expect to deliver at least $200 million in annual cost savings in the second full year after closing. A significant portion of the savings will be reaped from job cuts, but there will be very little impact at the property level, Sorenson stressed. “The closer you get to the executive suite in their headquarters, the more you see a head-to-head overlap,” he said. “I think we’ll find the biggest cost savings disproportionately at the higher end of the overhead structure.”
