Bill Marriott Jr. is retiring




J.W. “Bill” Marriott Jr., 79, announced that he will retire as CEO of Marriott International Inc. Marriott turned the hotel chain his father founded into a global brand,

the

Wall Street Journal

noted.

Chief operating officer Arne Sorenson will become the company’s first non-family CEO. Marriott said he began planning the transition about three years ago, the

Journal

article said.

Industry veterans credited Mr. Marriott for pioneering the now-standard business model used by the industry. Under that model, hotel companies no longer own real estate but operate or franchise their brand.

(Source:

Wall Street Journal,

Dec. 14, 2011.)

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