Getting what you wish for is not always what you expect.

UPDATE to earlier post on Heyer ouster.

Peter Sanders and Joann S. Lublin of The Wall Street Journal published an article on 4/8/07 in which they stated:

"Last week's abrupt departure of former Coke and Turner Broadcasting executive Steven J. Heyer from Starwood & Resorts Worldwide followed a confrontation with the hotel company's board, ignited by an anonymous letter accusing him of personal misconduct, according to people familiar with the situation."

"Heyer--who denies engaging in any impropriety--was unexpectedly ousted as chief executive officer, and in the process opted to forfeit an estimated $35 million of severance."

Heyer's tenure at the firm included a $17 rise in Starwood shares.



April 2, Starwood Hotels & Resorts Worldwide Inc. (HOT - NYSE) announced the resignation of its CEO, Steven J. Heyer. The board stated the resignation was due to Heyer's management style.

"While the board appreciates the good work Steve Heyer has done to position Starwood for the future, issues with regard to his management style have led us to lose confidence in his leadership."

The more surprising aspect of the change is the fact that Heyer will not be getting a huge severance package, which has been so often typical for outgoing CEOs. See below the exerpt from the 8K.

Effective as of March 31, 2007, Starwood Hotels & Resorts Worldwide, Inc. (the "Company") and Steven J. Heyer entered into an Agreement and General Release (the "Agreement"), pursuant to which Mr. Heyer resigned his positions as the Chief Executive Officer of the Company and as a member of its Board of Directors, effective March 31, 2007.

Pursuant to the Agreement, the Company and Mr. Heyer acknowledged that the Company has paid Mr. Heyer $250,000, which is one quarter of his base salary at the rate of $1,000,000 per annum, less applicable withholding of taxes, for the first quarter.