Marriott will also reduce the salaries of top executives by 50%. "We estimate the cost-cutting measures currently in place will reduce 2020 G&A costs by at least $140 million. If you have a story about the coronavirus pandemic you'd like to share, email us at covidtips@businessinsider.com. A leading-edge research firm focused on digital transformation. Subscriber 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 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. As the President, Chief Executive Officer, and Director of Marriott International, the total compensation of Arne Sorenson at Marriott International is $13,435,900. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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 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, … The pay of other executives will be halved. Arne Sorenson. 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. Your trust is our top concern, so companies can't alter or remove reviews. Coronavirus Tips – Working and Protection. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Close. He is the President and Chief Executive Officer of Marriott International. External Article 22 March 2020 Marriott announces CEO Arne Sorenson's salary will be suspended for the rest of the year and senior executives' salaries will be … Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Account active 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. 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. 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. Something that Sorenson is well-suited for, seeing as how he brought a fair amount of expertise and experience with him from his previous positions. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Arne Sorenson is the president and CEO of Marriott International. 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 … Marriott’s CEO Takes a 100% Pay Cut CEO Arne Sorenson will receive no salary for the 2020 fiscal year. As President and Chief Executive Officer at MARRIOTT INTERNATIONAL INC /MD/, Arne M. Sorenson made $13,391,883 in total compensation. MARRIOTT INTERNATIONAL INC /MD/ annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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 CEO Arne Sorenson sold nearly $7 million in stock in what was described as a routine transaction before the shares were due to expire. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Marriott chief Arne Sorenson, whose hotel group has put thousands of staff on unpaid leave, will not take a salary for the remainder of the year. We're still in the process of implementing some of these plans and expect there will be additional savings beyond that amount," Oberg said. 1 Rating. As President and Chief Executive Officer at MARRIOTT INTERNATIONAL INC /MD/, Arne M. Sorenson made $13,391,883 in total compensation. 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. Marriott President Arne Sorenson Gives Up Salary For Rest of 2020 For Staff Amid Coronavirus Outbreak, Paytm Founder Vijay Shekhar Sharma Turns Emotional, Takes Two-Month Pay Cut. 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. Write a Resume Recruiters Can't Resist. You may also find the annual proxy statement by going directly to the company's website. 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. 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 other types of compensation. Marriott CEO Arne Sorenson said coronavirus 'is like nothing we've ever seen before' and is having a greater toll than World War II on the hotel industry, as he axed his salary to save the firm. How to Write a Resume. 4 million people who work in the US hotel industry could lose their jobs in the coming weeks due to the coronavirus. Thorough reviews have been conducted to assure this data accurately reflects disclosures. A roundup of uplifting stories about everyday heroes. Coronavirus live updates: Here's everything we know. 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. See All Guides. 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. All proxy statements are public filings made available to the general public by the SEC. As expected, Sorenson replaced him, becoming the first non-family member to head Marriott. Get the latest coronavirus business & economic impact analysis from Business Insider Intelligence on how COVID-19 is affecting industries. A free inside look at Sorenson Communications salary trends based on 167 salaries wages for 72 jobs at Sorenson Communications. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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.". For its 2019 fiscal year, MARRIOTT INTERNATIONAL INC /MD/, listed the following CEO pay ratio data on its annual proxy statement to the SEC. This report is not for commercial use. Arne Sorenson (far right), before losing his hair to chemo. CEO Arne Sorenson had a base salary of $1.3 million. In a very crazy time for Marriott International, CEO Arne Sorenson excels by focusing on his people—and sticking to his principles. And his salary did not increase last year. As a member of Board of Directors at MICROSOFT CORP, Arne M. Sorenson made $355,000 in total compensation. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. An avid runner, the CEO of Marriott International joined PurpleStride, a pancreatic cancer fundraiser in 2019. 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. Get it now on Libro.fm using the button below. Arne Sorenson Image credit: Twitter: Marriott International The Marriott International CEO in a moving video message to his workforce announced to forego his salary for the rest of 2020. 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). In a conference call with investors on March 19, Marriott's Executive Vice President and Chief Financial Officer Leeny Oberg announced that the company will suspend the salaries of President and CEO Arne Sorenson and Executive Chairman Bill Marriott for the balance of 2020 to offset revenue losses due to the coronavirus pandemic. Yesterday, Marriott International CEO Arne Sorenson announced that, in light of the financial impact of Covid-19 on Marriot and the hotel industry, he would be giving up his salary for the rest of 2020 and that the Marriot top executive team would be taking a 50% pay cut to help the company steer through the challenging times. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. When you’re talking about the past few years for Marriott International and its CEO, Arne Sorenson, it may be easier to … “The chemo I’ve been going through,” he told Rubenstein, “has cost me my hair. 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. MARRIOTT INTERNATIONAL INC /MD/ income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Marriott occupancy in the U.S. and Europe is less than 25% — down from a usual rate of nearly 70%. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider 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. since, “No Rules Rules: Netflix and the Culture of Reinvention”. 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. The world's largest hotel brand will also reduce the salaries of senior executives by 50%. In 1983 he graduated from the University of Minnesota Law School, and he went on to become a partner at Latham & Watkins. Arne Sorenson, president and CEO of Marriott International, said in a video posted to Twitter last week that he won’t be taking a salary this year. Salaries posted anonymously by Sorenson Communications employees. coronavirus business & economic impact analysis, 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. What is the salary of Arne Sorenson? Arne Morris Sorenson (born October 13, 1958) is a Japanese-born American hotel executive. Marriott International CEO, Arne Sorenson, is an authentic leader and he proved it this week with the release of a 6-minute video to Marriott employees, shareholders, and customers. The information shown here is a reporting of information included in the company's proxy statement. 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. … 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. 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. The hotel company employs around 130,000 people around the world, a spokesperson told the Journal. This information is according to proxy statements filed for the 2019 fiscal year. Sign up for Insider Life. 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. 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. There are no executives at Marriott International getting paid more. The coronavirus outbreak could cost America millions in tourism revenue — here are the major travel destinations that stand to lose the most. Across the US, hotel companies are facing unprecedented occupancy declines and shutdowns as a result of the coronavirus pandemic. He is interesting in that he is the first person from outside of the Marriott family to run Marriott International. Arne Sorenson is both the CEO and the President of Marriott International. By most measures, Sorenson has enjoyed extraordinary success. 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