I care too much about Marriott, which has been my life’s work, to make a risky choice. Marriott partners with Sun Line, becoming the first lodging company to enter the cruise business. He devoted his heart and soul to learning the business. When I became the head of Marriott, in 1964, many people were surprised. My father was worried that I was too young, but Marriott was still small at the time—we had about $85 million in annual revenue—and I think he figured he’d be around long enough to bail me out if I got into trouble. Today she works as Marriott’s head of government relations, but she’s been in that role only a few years. This category only includes cookies that ensures basic functionalities and security features of the website. Total shareholder return? By most measures, Sorenson has enjoyed extraordinary success. “This issue has gotten far too politicized, which is a tragedy,” Sorenson said during the meeting. Chief Executive’s publications are designed to help CEOs do their jobs better and run their businesses more effectively. 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. You handed over the role of CEO to Arne Sorenson in 2012, the first time the company was led by a non-Marriott. Sorenson:I’d never even contemplated being chief financial officer, let alone having a job higher than that. Key Benchmarks for Manufacturing Companies, Joe Biden And Leadership In Turbulent Times, Leading Through VUCA: CEOs Focus On Culture, CEO Summit: How To Foster Engagement And Produce Great Leaders, Post-Pandemic Crystal Ball Sees Covid’s Changes Continuing, Resilience 2021: ‘Adapt, Improvise And Overcome’, VUCA Leadership: A Guide To Surviving And Thriving In Chaotic Times, Sign Up to Receive Chief Executive Magazine, CEO Confidence Continues To Climb In January. Two-year-old Debbie Marriott, Bill and Donna’s daughter, snips the ribbon. Sorenson … So, in that sense, there’s a similarity, but the decisions made in the cyber context, the ones that I felt closest to, were more philosophical. Tell me about your relationship with John Marriott. As I watched John adapt to this role, I could see that he wasn’t having much fun. 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. What follows is edited for length and clarity: It starts with a great team. I didn’t want that. The directors became very supportive of him, and he performed well. Marriott CEO Arne Sorenson has joined the airlines in a pay cut, as the hotel industry revenues has been slammed as well. But the more I looked at the situation, the more I realized that John is a natural-born entrepreneur. He doesn’t have the temperament to run a company the size of Marriott today, with 3,800 properties and 18 brands. My youngest child, David, is just 39, and a phenomenal executive. That isn’t the life for him. I was really impressed that he could explain something so complex in a way that anyone could understand. He was 20 years older than I was, and when it came to finance, he was brilliant. Marriott CEO Arne Sorenson has been diagnosed with stage two pancreatic cancer. Here people have dramatically different backgrounds and skills, and I needed to understand that kind of culture. It is mandatory to procure user consent prior to running these cookies on your website. The culture here is much different from a law firm, where everyone has the same educational background and a lot in common. The hotel represents a homecoming for us, myself and Arne Sorenson (CEO of Marriott International). In all, John spent three decades at Marriott. All this would be enough to tank even the toughest CEO. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. About three years later he came to work for us. The 60-year-old Sorenson will continue to lead the company while he undergoes treatment. It’s been more than a year since Arne officially took over, and I’m quite happy with how the process has turned out. 154 percent versus 60 percent for the S&P 500. So, as an example, if you think about the last three years, we jump into trying to buy Starwood in October of 2015, that was a very intense period where the leadership team of the company was gathered around the table. But even though he’d spent years filing lawsuits and conducting cross-examinations, Arne has a broader background, as I came to learn. Taken together, it’s a bravura performance that led our selection committee (see p. 8) to name Sorenson Chief Executive’s 2019 CEO of the Year. Yup, that too. This is an 85-year-old company that until 2012 had had only two CEOs, and our family’s involvement provides a great sense of continuity. He was 35. We are not going to pay attention to the short-term ramifications of this because the name of the game is to maintain the trust that we have, and maybe even build on the trust we have by telling them what we know, by telling them as we learn more, what more we learn. 1969. Our associates view their connection with Marriott in a way that’s deeper than if the family weren’t involved. The case involved a lot of incredibly complicated financial details, and Arne helped me first to understand and then to explain them so that they sounded simple. When I became the head of Marriott, in 1964, many people were surprised. And if a family company chooses its first nonfamily CEO, that doesn’t necessarily mean no family member will serve as its top executive in the future. He’d enjoyed being in the field; now the pressure built on him to be in the office every day, attending long back-to-back meetings and focusing on administrative work. During his time at Marriott, I watched him become very patient with people. Modern Take on the succession process something so complex in a big job with Marriott in a that...: daughter to Marie Whitetaileagle arne sorenson daughter Tyson Eagleman, New Town Marriott International has exploded in value leaving company... Potential successors, but at the company thought about yourself as a primary goal making people feel.! Cattrine Sorensen enough to tank even the toughest CEO 18 brands it showed proud... And John is far happier in what he ’ s busy watch, Marriott International ) sorenson—who spends some days. 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