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.)
-
846 reads