Starwood 2011 Annual Report Download - page 39

Mr. Avril’s accomplishments for the 2011 performance year included the following:
• achieved significant market share increases across all Company brands, including an 2.0% increase over
last year in our North American division (fueled by a 2.2% increase in our Westin brand and a 1.4%
increase in our Sheraton brand);
• adjusted for asset sales, grew hotel group EBITDA by 16% and owned hotels EBITDA by 12%, despite
the challenging world events in Japan, the Middle East and Europe;
• furthered strong growth in the Company’s hotel worldwide portfolio by opening 81 hotels with
approximately 21,000 rooms; and
• strengthened key relationships with hotel owners, joint venture partners and our Company’s personnel to
drive revenue, strong owner relations, and retention of management talent throughout our hotels.
In light of Mr. Avril’s accomplishments in 2011, he received an “accomplished objectives” PMP performance
rating and was awarded a payout at 98% of target for the strategic/operational portion of the annual bonus, for a
total annual bonus of $736,715 for 2011, representing 98% of his overall annual bonus target.
Mr. Prabhu’s accomplishments for the 2011 performance year included the following:
• reduced interest expense through effective use of fixed to variable swaps and debt reduction. Vacation
ownership receivable securitization achieved on favorable terms;
• maintained low effective tax rate with good tax planning on a global basis. Concluded 2004-06 IRS audit
with a refund. Ensured structures are in place to continue tax effective hotel sales;
• sustained tight control of SG&A. Achieved Company financial objectives while maintaining a high level
of control and compliance; and
• information technology organization delivered on significant projects while ensuring a high level of
operational stability and enhanced IT security.
In light of Mr. Prabhu’s accomplishments, he received an “accomplished objectives” PMP performance rating
and the Compensation Committee awarded him a payout at 98% of target for the strategic/operational portion of
the annual bonus, for a total annual bonus of $736,715 for 2011, representing 98% of his overall annual bonus
target.
Mr. Siegel’s individual accomplishments for the 2011 performance year included the following:
• provided legal support for over 112 new hotel management and franchise transactions, including new
deals, changes in ownership and re-engagements worldwide; strategic hotel sales; sale-and-manage-back
transactions; corporate transactions including the execution of interest rate swap agreements, the early
redemption of our 2012 Senior Notes, corporate restructurings and the Company’s current share
repurchase program;
• completed on budget the build-out and relocation of two of the Company’s corporate offices, the offices
in Scottsdale, Arizona and the Company’s new headquarters at One StarPoint in Stamford, Connecticut,
and the negotiation of the new lease for corporate offices in Atlanta, Georgia;
• designed and executed a series of initiatives to protect our most valuable intangible assets and trade
secrets, including the roll-out of customized training on confidentiality obligations and the preservation of
Company assets; and
• made significant progress in long-term Global Citizenship goals, including achieving significant
reductions in energy and water consumptions at our corporate offices and hotels.
29