Host Hotels & Resorts Inc. President and CEO W. Edward Walter is stepping down from his positions and as a member of the company's board, effective Dec. 31.

He will be succeeded by James Risoleo, who is the executive vice president and managing director of investments for the West Coast and Europe, effective Jan. 1, 2017. Risoleo will also join the company's board.

Risoleo joined the company in 1996 and served as chief investment officer from 2000 through 2011.

Walter will remain with the company through Jan. 31, 2017, to facilitate the leadership transition.