1. 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

    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
    • On an investor call on Thursday, Marriott announced that it will suspend the salaries of its CEO and Executive Chairman for the remainder of 2020 to cut costs amid global hotel closings and low occupancies due to the coronavirus pandemic.
    • Marriott will also reduce the salaries of top executives by 50%.
    • Marriott expects to furlough tens of thousands of employees in the coming weeks, Craig Karmin reported for the Wall Street Journal.
    Read Full Article

    Login to comment.

  1. Categories

    1. BoardProspects Features:

      BoardBlogs, BoardKnowledge, BoardMoves, BoardNews, BoardProspects Announcements, BoardProspects CEO, CEO Blog, In the News, Partner Publications, Question of The Week, Sponsored Content
  2. Quotes

    1. We estimate the cost-cutting measures currently in place will reduce 2020 G&A costs by at least $140 million. We're still in the process of implementing some of these plans and expect there will be additional savings beyond that amount.
    2. 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.
  3. Topics Mentioned

  4. Authors