Mr. Sorenson recommended that he receive no base salary (except as necessary for benefit deductions) for the remainder of the year and the other NEOs requested, and Mr. Sorenson recommended, that they receive 50% of their base salary for the remainder of the year, in each case beginning in April 2020. Your email address will not be published. On May 3, 2019 he announced that he had a treatable form of stage two pancreatic cancer and is in treatment at Johns Hopkins School of Medicine. This site uses Akismet to reduce spam. Approximately 66 percent of the 4,000 corporate employees at the headquarters in Bethesda in Maryland — as well as members of corporate staff abroad — have been slated to be furloughed between 60 days and 90 days as they receive a significant fraction of their salaries; while members of corporate staff who are not furloughed are subject to pay cuts of 20 percent and reduced workweeks. [12], In March 2020, Sorenson was given the "CEO For All Leadership Award" for 2020 by Great Place to Work. As of today, Tuesday, April 14, 2020, that same share is worth $82.68, which represents a reduction of greater than 45 percent, which could mean that the stock awards for Sorenson may possibly be worth $3,400,548.00. As expected, Sorenson replaced him, becoming the first non-family member to head Marriott. By most measures, Sorenson has enjoyed extraordinary success. It has begun furloughing most of its American workers, jeopardizing their access to Source: Marriott International, Incorporated. Sorenson had surgery for pancreatic cancer in November 2019, but continued to run the company. Part 77, Travel Alert January 2021: Waivers For International Travel to the United States, What is Wrong With This Photograph? One chief executive officer of a franchise company which operates some hotel and resort properties that are under the brand portfolio of Marriott is taking a cut in pay of approximately 75 percent; the salaries of executive employees of that franchise company have been reduced by half; and property level managers have had their salaries reduced by 30 percent — all of which is to last for a minimum of two months before they are re-evaluated. "[23], Sorenson has spoken out against President Trump's Executive Order 13769, a ban on travel from seven majority-Muslim countries, and its successors as potentially harmful to the U.S. tourism industry. Westin is a place where you don't just get up, you rise. As part of Marriott International's family of brands, we have implemented a multi-pronged approach to meet the health and safety requirements of our "Commitment to Clean" standards. “Sorenson, 60, received the diagnosis from a medical team at Johns Hopkins Hospital in Baltimore after a series of tests.” The cancer was discovered early and hasn’t spread, according … He is the President and Chief Executive Officer of Marriott International. [20] In 2016, he announced that he formally opposed Indiana's proposed Religious Freedom Restoration Act,[21] and became one of many CEOs to ask for a full repeal of North Carolina's House Bill 2. The following Summary Compensation Table presents the compensation which was paid in fiscal years 2017, 2018 and 2019 to the chief executive officer, chief financial officer and the other three most highly compensated executive officers of Marriott International, Incorporated. The increase for Mr. Sorenson was the first increase to his base salary since 2017. ... More from Arne Sorenson 115 articles. pic.twitter.com/OwsF14TZgb, — Marriott International (@MarriottIntl) March 19, 2020. Sorenson will remain in his role while undergoing treatment. In fact, I believe that more leaders should be modeling the way — something which has been notably absent — more than ever during these difficult times due to the 2019 Novel Coronavirus pandemic. The stock price of a share of Marriott International, Incorporated was worth $151.43 on Tuesday, December 31, 2019. https://chiefexecutive.net/2019-ceo-of-the-year-marriott-arne-sorenson Learn how your comment data is processed. BETHESDA, Md., May 3, 2019 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) today announced that President and CEO Arne Sorenson was diagnosed on Wednesday with stage 2 … Sorenson … Notify me of follow-up comments by email. I am simply attempting to conduct a fact check to quell the misplaced growing anger at the accusation of Arne M. Sorenson accepting a raise in pay of 7.7 percent during the 2019 Novel Coronavirus pandemic while employees are being furloughed — and I believe that the aforementioned article from The New York Times was written in such a way as to unnecessarily fuel that fire. Marriott International, Incorporated is the largest lodging company in the world, with almost 1,400,000 rooms in approximately 7,300 hotel and resort properties under 30 brands worldwide — but since the current 2019 Novel Coronavirus pandemic, the overall business operations in general has been reduced by almost 75 percent below normal levels, which Sorenson claimed is significantly worse than the global financial crisis of 2007 and 2008 and the incidents which occurred on Tuesday, September 11, 2001 combined. Arne Sorenson is the president and CEO of Marriott International. Marriott International CEO Arne Sorenson said Tuesday he will have surgery for pancreatic cancer over the holidays but will continue to run the company. Today’s global health and economic crisis is truly unprecedented, worse than anything most companies have ever faced. Sorenson, 60, received the diagnosis from a medical team at Johns Hopkins Hospital in Baltimore after a series of tests. But look at us now. The Committee and Board accepted these recommendations. …but the article neglects to mention that many hotel and resort properties are operated by franchisees and not by Marriott International, Incorporated itself. Although hourly employees will still receive their pay as normal, 6,500 of the 9,000 employees of that franchise company have lost their jobs. “Health experts have made it clear that wearing face coverings in public spaces is one of the easiest steps that we can all take to protect one another and reduce the spread of COVID-19,” Sorenson said in the video, after removing his own cloth mask. Last month, Sorenson delivered the somber news of the state of Marriott International, Incorporated via this video which was shared on Twitter…, A message to Marriott International associates from President and CEO Arne Sorenson. The Master List of Itinerary and Main Guide Articles at The Gate, the official Schedule 14A filing of Marriott International, Incorporated to the Securities and Exchange Commission of the United States, Sorenson delivered the somber news of the state of Marriott International, Incorporated via this video which was shared on Twitter, this business update on Wednesday March 18, 2020, Recap: Amazon Slashes Commission Rates, - Doctor Of Credit, What is Wrong With This Photograph? …but of course, anything can change between now and the end of the year 2020. “Mr. Born in Tokyo, Japan, the son of a Lutheran pastor, Sorenson is married and has four children. Although the base salary of Arne M. Sorenson is $1,300,000.00 per year and has been unchanged since 2017, his total compensation of $13,453,887.00 is the most which he has received in each of those three years…, …but note that slightly less than half of that compensation is $6,182,815.00 in stock awards in 2019. He recently participated in PurpleStride Washington D.C., the walk to end pancreatic cancer, and shared his experience in a LinkedIn blog post.His article is reposted here with permission. …but due to the current 2019 Novel Coronavirus pandemic, not only will that increase in salary not be realized; but Sorenson also voluntarily committed to receiving no base salary for the remainder of the year effective as of April of 2020, according to the following paragraph which is found on page 34 of the official Schedule 14A filing of Marriott International, Incorporated to the Securities and Exchange Commission of the United States: At its meeting in February 2020, following a comprehensive review of market data, the Committee determined to increase the base salaries by 7.7% for Mr. Sorenson and by approximately 3% for the other NEOs. “I’m less optimistic today than I was 30 days ago,” said Arne Sorenson, chief executive of Marriott International. [4] He previously practiced law in Washington, D.C. with Latham and Watkins (specializing in mergers and acquisitions litigation[5]), has been a director for Wal-Mart,[6] and has served as the Chief Operating Officer for Marriott. …as well as through this business update on Wednesday March 18, 2020; and this update on Wednesday, April 8, 2020. “The virus is in so many different markets of the United States.” Sorenson, a co-chairman of the Business Roundtable’s task force on Covid-19, declined a request for an interview.”, The article then focuses on a married couple — both of whom work for hotel properties which are under the brand portfolio of Marriott — who have since lost their jobs and the combined income of approximately $1,700.00 per week…. Marriott International, Inc. (NASDAQ: MAR) today announced that President and CEO Arne Sorenson was diagnosed on Wednesday with stage 2 pancreatic cancer. Sign Up to Receive Chief Executive MagazineKey Benchmarks for Manufacturing CompaniesIs #CancelCulture Preventing Companies From Doing The Right Thing? Marriott International Inc.’s MAR 0.64% chief executive, Arne Sorenson, said Tuesday that he will have surgery to treat his pancreatic cancer. This is all in addition to the decision to begin furloughing what executives at Marriott International, Incorporated expected to be tens of thousands of staff members of hotel and resort properties. [7], Sorenson is the first person outside the Marriott family to lead the company. In 1983 he graduated from the University of Minnesota Law School, and he went on to become a partner at Latham & Watkins. Post was not sent - check your email addresses! Editor’s Note: Arne Sorenson, CEO of Marriott International, announced his pancreatic cancer diagnosis in May 2019.

Marriott International CEO Arne Sorenson said Tuesday he will have surgery for pancreatic cancer over the holidays but will continue to run the company. Arne M. Sorenson, CEO of Marriott International Inc., predicted the number of business trips and major vacations will not return to pre-pandemic levels until COVID-19 … Dr. Arne C. Sorenson is an anesthesiologist in Crystal, Minnesota and is affiliated with multiple hospitals in the area. [22], In November 2016, Sorenson wrote an open letter to President-elect Donald Trump, encouraging him to take a collaborative approach to governing; to not pursue retribution against election rival Hillary Clinton; to "minimize divisiveness around these areas [of LGBT rights] by letting people live their lives and by ensuring that they are treated equally in the public square;" to initiate a major infrastructure program, without "connecting it to the repatriation of foreign earnings or by tying it to some philosophy of privatization of historically government functions;" to "make sure our borders are secured as well as our airports" without "clos[ing] America to travelers from around the world" by "roll[ing] out a global trusted traveler program to ensure that we focus our security resources on those who pose risk, not on the overwhelming majority who pose no risk;" "to adopt a transparent approach for future immigration" including steps "to ensure that these 11 million people [the illegal immigrant population of the United States] can help make America stronger by paying taxes, investing in the future and continuing to contribute to our communities;" "to attract and retain the best, brightest, most talented, hardest working people — wherever they come from;" and to enact "a dramatic simplification of our tax code that closes loopholes and unnecessary tax preferences, lowers tax rates to levels comparable to the rest of the industrialized world and removes market distortions as much as possible" enabling a move to "a territorial [tax] system — without losing revenues or increasing our budget deficit. That is not to say that the disparity between wealthy corporate executives and employees of the same company is not staggering. [19] He has also urged President Trump to improve relations with Cuba, including harnessing tourism as a strategic tool for this purpose. Source: Marriott International, Incorporated. It has begun furloughing most of its American workers, jeopardizing their access to health care, even as the company paid out more than $160 million in quarterly dividends and pursued a raise for its chief executive, Arne M. Sorenson”, according to this article written by Peter S. Goodman for The New York Times. That’s been the kind of thing other public companies have done to give beaucoup bucks to executives whose non-cash compensation was underwater. He completed radiation treatment and immunotherapy earlier that year and underwent another round of chemotherapy post surgery. Sorenson, 60, received the diagnosis from a medical team at Johns Hopkins Hospital in Baltimore after a series of tests. He has been in practice for more than 20 years. With that assumption — ceteris paribus, or other things being equal — the total compensation for Sorenson for 2020 could be worth $9,353,620.00 instead of $13,435,887.00…. Marriott President Arne Sorenson Gives Up Salary For Rest of 2020 For Staff Amid Coronavirus Outbreak, The Most Famous Mythical Creature of Every State in the United States — Illustrated, Answers to Past Articles — Part 10: Tyre Killer, Parking Spaces, and Strange Signs, Spg Com - Welcome To Marriott Bonvoy - Marriott Hotels, My Starwood Account Was Compromised: More Details — and What Happened, Travel Alert January 2021: Waivers For Travel to Washington, District of Columbia, Choice Hotels International, Incorporated. But in a video message released Monday, CEO Arne Sorenson said the mandate is being extended to guests. On May 3, 2019 he announced that he had a treatable form of stage two pancreatic cancer and is in treatment at Johns Hopkins School of Medicine. In 2012, Sorenson became the third CEO in the company’s history, having held several positions since joining in 1996, including president and chief operating officer, chief financial officer and president of Continental European Lodging. Sorenson will remain in his role while undergoing treatment. “Guess I’ll be eating a lot of ramen noodles, if I can find any at the grocery store!” is what one employee of that franchise company — who prefers to remain anonymous — said to me. [24][25], For other people named Arne Sorenson, see, Learn how and when to remove this template message, illegal immigrant population of the United States, "7 CEOs with notably devout religious beliefs", "Arne Sorenson ('83) Named New Marriott CEO", "Marriott's Arne Sorenson to Replace J.W. [19], He has led his company into advocating for LGBT rights. This message was originally sent as an email to Marriott International associates. Your email address will not be published. “Take, for example, Marriott International, the world’s largest hotel chain, which last year earned $1.2 billion. [1] A graduate of Luther College and the University of Minnesota Law School,[2][3] Sorenson became the head of Marriott (the largest publicly traded hotel chain in the world) on March 31, 2012. Running is one of the greatest joys of my life. Required fields are marked *. He was elected to Marriott’s board of directors in […] However, in March 2020, in light of the rapidly evolving coronavirus (COVID-19) situation, the Committee discussed with management the appropriateness of adjusting senior executive compensation as part of the Company’s numerous initiatives to mitigate the negative financial and operational impacts of COVID-19. [16][17], Sorenson is a registered Democrat,[18] but donated to Mitt Romney's 2012 election campaign. What Is the Longest Drivable Distance on Earth? [8][9] On March 31, 2012, Sorenson became the President and CEO of Marriott International Inc.[10][11], In April 2019, Sorenson was named "CEO of the Year" for 2019 by Chief Executive magazine. “It's a meaningful improvement,” he says. Friday morning, Marriott released a statement regarding the health of CEO Arne Sorenson. https://www.cpexecutive.com/post/marriott-completes-13b-starwood-buy [13] That same month, he announced that he would forgo his salary for the remainder of 2020 to lessen the impact of COVID-19 on Marriott International. Save my name, email, and website in this browser for the next time I comment. BETHESDA, Md., May 3, 2019 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) today announced that President and CEO Arne Sorenson was diagnosed on Wednesday with stage 2 pancreatic cancer. In fact, the following statement on page 54 in the aforementioned filing by Marriott International, Incorporated admits that disparity: The 2019 annual total compensation of the median compensated employee was $38,878; Mr. Sorenson’s 2019 annual total compensation was $13,435,887, and the ratio of these amounts was 1-to-346. Arne Sorenson 12 mins ago What we know about potential protests ahead of Joe Biden's inauguration Joe Biden to shore up Affordable Care Act after Trump assault on health law “Sorenson was diagnosed on Wednesday with stage 2 pancreatic cancer,” the statement reads. Arne Sorenson is president and chief executive officer of Marriott International Inc. [14], Born in Tokyo, Japan, the son of a Lutheran pastor,[15] Sorenson is married and has four children. In 2016, he led Marriott International’s $13.6-billion acquisition of Starwood Hotels & Resorts, catapulting the company’s total number of hotel rooms to more than 1.2 million. Can Marriott no longer adjust down prices of the various stock-related awards it grants as part of executive compensation packages? Incorrect information has been circulating lately pertaining to the compensation of Arne M. Sorenson, who is the current president and chief executive officer of Marriott International, Incorporated, who was initially slated to receive the first increase in his base salary of $1,300,000.00 in three years…. Although I understand that Sorenson has undergone medical issues from which I hope that he recovers completely, I believe that he could demonstrate even more of a leadership role by voluntarily foregoing — or donating — more of his compensation to those who truly need it in these difficult times. Click on the image for an enlarged view. Arne M. Sorenson is president and chief executive officer of Marriott International, Inc. Mr. Sorenson presides over one of the world’s largest hospitality companies and some of the most iconic brands in travel. Marriott Jr. as CEO", "Arne Sorenson To Succeed Marriott Jr. As Marriott International CEO", https://www.bizjournals.com/washington/news/2019/11/07/marriott-ceo-arne-sorenson-to-have-cancer-surgery.html, "What The CEO Of 2019 Thinks About Caring For His People", "Announcing the Great Place to Work CEO For All Leadership Awards", "Marriott CEO Arne Sorenson on COVID-19 "never seen anything like it in 92 years, "Q&A with Arne Sorenson: Architect of Change", "Marriott CEO Sorenson Offers Update on Cancer Treatment", "When CEOs should disclose serious health problems", "This CEO Says Joe Biden Called Business Leaders 'a Bunch of Cowards, "Marriott CEO Arne Sorenson Is The 2019 CEO Of The Year", "Marriott CEO Arne Sorensen: Indiana Law 'We Will Not Stand For It, "Marriott CEO Arne Sorenson blasts North Carolina over HB 2 - Gay Star News", "Marriott CEO's Open Letter To President-Elect Trump", "Marriott CEO urges Trump to improve ties with Cuba", https://en.wikipedia.org/w/index.php?title=Arne_Sorenson_(hotel_executive)&oldid=999819665, University of Minnesota Law School alumni, American chief executives of travel and tourism industry companies, LGBT rights activists from the United States, Chief executives in the hospitality industry, BLP articles lacking sources from March 2020, Creative Commons Attribution-ShareAlike License, This page was last edited on 12 January 2021, at 03:20. Part 76, Two Nights For the Price of One Night Extended With Fairmont Hotels and Resorts, List of Past “What is Wrong With This Photograph?” Articles — and Answers, Interactive List of Another 22 Hotel Properties Sonesta May Acquire — Thanks to Hyatt Hotels Corporation. CEO Arne Sorenson says Marriott's business dropped 90% when the pandemic first began and it’s still down as much as 65% for August. Sorry, your blog cannot share posts by email. Arne Morris Sorenson (born October 13, 1958) is a Japanese-born American hotel executive. And now, more than ever, we want you do rise with confidence.

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