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Starwood's Early-Checkout Mystery

Publication Date: 
April 11, 2007
Source: 
Wall Street Journal Online
Author: 
Alan Murray

The Wall Street Journal Online's Alan Murray questions why Steven Heyer, who resigned as CEO from Starwood Hotels & Resorts for possible ethical reasons, is voluntarily abandoning a substantial severance package. He quotes Professor Joseph Grundfest:

"As public policy, the arbitrators' decision is close to the worst possible outcome you could ask for," says Grundfest. "Even if a board of directors finds the CEO has been playing fast and loose with his own financial accounts, that's not sufficient grounds for termination for cause."