Marriott announces CEO Arne Sorenson's salary will be suspended for the rest of the year and senior executives' salaries will be reduced by 50% as the coronavirus ravages the hospitality industry For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. An avid runner, the CEO of Marriott International joined PurpleStride, a pancreatic cancer fundraiser in 2019. This information is according to proxy statements filed for the 2019 fiscal year. On Tuesday, leading hospitality and tourism executives gathered at the White House to ask for a $150 billion bailout to keep the travel and hospitality industries afloat. You may also find the annual proxy statement by going directly to the company's website. Your trust is our top concern, so companies can't alter or remove reviews. August 1, 2019 ... A Guide to Negotiating the Salary You Deserve. Amid the coronavirus, the travel industry is suffering, with airlines and hotels seeing their number rapidly dropping by the week. Get it now on Libro.fm using the button below. Arne Sorenson, chief executive of Marriott International, has said he and chairman JW Marriott Jr will not be taking any salary for 2020 and the hotel chain's executive team will be taking a 50% pay cut amidst the coronavirus crisis. as well as other partner offers and accept our, Visit Business Insider's homepage for more stories. He is the President and Chief Executive Officer of Marriott International. By most measures, Sorenson has enjoyed extraordinary success. All proxy statements are public filings made available to the general public by the SEC. 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 … MARRIOTT INTERNATIONAL INC /MD/ annual reports of executive compensation and pay are most commonly found in the Def 14a documents. The pay of other executives will be halved. Mr. Sorenson said he was forgoing his salary — $1.3 million annually — for the rest of the year, though he said nothing about his stock-based compensation, which exceeded $8 million last year, or the cash incentive plan that brought him $3.5 million, according to a company statement. Arne Sorenson (far right), before losing his hair to chemo. The world's largest hotel brand will also reduce the salaries of senior executives by 50%. Marriott chief executive Arne Sorenson, who currently travels as many as 200 nights a year as part of his job, is likely to scale back in the coming months, a spokeswoman said. In an emotional video address posted to Marriott International's Twitter account following the call, Sorenson said that "in most markets, our business is already running 75% below normal levels.". "The impact to our industry is already more severe than anything we've seen before, including September 11th and the great recession of 2008 combined," American Hotel & Lodging Association President and CEO Chip Rogers said in a release. We're still in the process of implementing some of these plans and expect there will be additional savings beyond that amount," Oberg said. When you’re talking about the past few years for Marriott International and its CEO, Arne Sorenson, it may be easier to … As President and Chief Executive Officer at MARRIOTT INTERNATIONAL INC /MD/, Arne M. Sorenson made $13,391,883 in total compensation. Close. Still, Sorenson took home about $12.9 million in pay, including $1.3 million in salary, a $2.9 million cash bonus and $8.4 million in stock awards. Subscriber How to Write a Resume. Coronavirus Tips – Working and Protection. A graduate of Luther College and the University of Minnesota Law School, Sorenson became the head of Marriott (the largest publicly traded hotel chain in the world) on March 31, 2012. Arne Sorenson. Arne Morris Sorenson (born October 13, 1958) is a Japanese-born American hotel executive. Arne M. Sorenson is a businessperson who has been at the head of 7 different companies and occupies the position of Chairman for CEO Roundtable LLC, President, Chief Executive Officer & Director at Marriott International, Inc., Chief Executive Officer at Courtyard By Marriott and President & Chief Operating Officer of Fullerton Marriott at California State University Hotel. Of this total $1,300,000 was received as a salary, $3,519,765 was received as a bonus, $2,192,342 was received in stock options, $6,182,815 was awarded as stock and $196,961 came from since, “No Rules Rules: Netflix and the Culture of Reinvention”. A leading-edge research firm focused on digital transformation. 4 million people who work in the US hotel industry could lose their jobs in the coming weeks due to the coronavirus. The chart on this page features a breakdown of the total annual pay for Arne M. Sorenson, President and Chief Executive Officer at MARRIOTT INTERNATIONAL INC /MD/ as reported in their proxy statements. Paytm founder Vijay Shekhar Sharma has decided to forego his salary for the next two months to help the employees who may need it during the coronavirus outbreak. Salaries posted anonymously by Sorenson Communications employees. Marriott’s CEO Takes a 100% Pay Cut CEO Arne Sorenson will receive no salary for the 2020 fiscal year. Get the latest coronavirus business & economic impact analysis from Business Insider Intelligence on how COVID-19 is affecting industries. Marriott occupancy in the U.S. and Europe is less than 25% — down from a usual rate of nearly 70%. Marriott announces CEO Arne Sorenson's salary will be suspended for the rest of the year and senior executives' salaries will be reduced by 50% as the coronavirus ravages the hospitality industry. As expected, Sorenson replaced him, becoming the first non-family member to head Marriott. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. "We estimate the cost-cutting measures currently in place will reduce 2020 G&A costs by at least $140 million. Account active Sign up for Insider Life. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider A November 2018 Marriott data breach revealed that Sorenson took home close to $12.9 million dollars that year, David Goldman reported for CNN Business. 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. Of course, these aren't normal circumstances.As Marriott's CEO Arne Sorenson points out in a video to his employees, which was released on Twitter, … Write a Resume Recruiters Can't Resist. A forecasted 30% decline in US hotel occupancy in the coming weeks could result in the loss of four million hotel jobs and a $300 billion hit to the GDP, according to a study released by Oxford Economics and the American Hotel & Lodging Assocation. Arne Sorenson is the president and CEO of Marriott International. A roundup of uplifting stories about everyday heroes. Amid global hotel closings, Marriott has started to furlough employees and expects that tens of thousands of employees will be affected in coming weeks, Craig Karmin reported for the Wall Street Journal on Tuesday. Arne Sorenson is both the CEO and the President of Marriott International. He is interesting in that he is the first person from outside of the Marriott family to run Marriott International. 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. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). “The chemo I’ve been going through,” he told Rubenstein, “has cost me my hair. Marriott expects to furlough tens of thousands of employees in the coming weeks, Craig Karmin, The US hospitality industry as a whole is facing an unprecedented decline in occupancies, which could lead to. For its 2019 fiscal year, MARRIOTT INTERNATIONAL INC /MD/, listed the following CEO pay ratio data on its annual proxy statement to the SEC. The hotel company employs around 130,000 people around the world, a spokesperson told the Journal. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. The coronavirus outbreak could cost America millions in tourism revenue — here are the major travel destinations that stand to lose the most. A free inside look at Sorenson Communications salary trends based on 167 salaries wages for 72 jobs at Sorenson Communications. See All Guides. Great associate travel benefits, medical/health/life insurance coverage, retirement options, associate discounts on car rentals & show tickets etc., our CEO Arne Sorenson is truly amazing and quite the inspiration as well 1 Rating. The bump brings Sorenson close to his 2014 compensation level, which included a large bonus of Marriott stock based on his performance during his first three years as … Additional cost-cutting measures include hiring for only essential positions, shortening work weeks around the world, and pulling back on all non-essential spending, Oberg announced on the call. As expected, Sorenson has enjoyed extraordinary success a result of the Marriott family run. 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