Cotter, 53, joined Sheraton Hotels in 1973 after graduating college and spent most of his career with the hotel giant and later with Starwood Hotels & Resorts when it acquired Sheraton in 1998. Cotter made the retirement announcement during a worldwide associates meeting with Steven J. Heyer, Starwood's chief executive officer, and Barry S. Sternlicht, Starwood's founder and executive chairman.
"I've had a magical career that has been both awesomely challenging and awesomely rewarding," Cotter says. "My children have literally grown up in the business and have had the magnificent opportunity to travel the world and live on several continents where we've met many of our most cherished friends."
He adds that the company is in "stellar shape" and credited the management team and specifically Heyer and Sternlicht for their leadership and vision. "The timing seems right to say farewell and with my wife indulge in our other passions, namely our family and friends, travel and the 'Wake Up Call,' our sport fishing boat," Cotter notes. A company spokesman says Cotter had made it clear to Starwood colleagues that he intended to retire before he reached the age of 55.
Commenting on Cotter's retirement, Sternlicht says, "Bob is an industry icon and absolutely revered by those who have had the good fortune to work with him during his more than 30-year career. I am one of those lucky folks and he has proven a loyal partner and friend and a big contributor to Starwood's success."
Cotter, a resident of New York City, was named chief operating officer in 2000 and president in 2004, responsible for company operations and involved in shaping Starwood's strategic direction. Prior to that, he was named president, International Operations in 1999 after serving as president and chief operating officer, Europe since 1994. Prior to that he served as senior vice president and president of the company's Asia-Pacific Division, based in Hong Kong. Heyer says there are no immediate plans to replace Cotter's positions at Starwood.
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