If you have a story about the coronavirus pandemic you'd like to share, email us at covidtips@businessinsider.com. 4 million people who work in the US hotel industry could lose their jobs in the coming weeks due to the coronavirus. Salaries posted anonymously by Sorenson Communications employees. 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 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. Coronavirus Tips – Working and Protection. 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. Arne Morris Sorenson (born October 13, 1958) is a Japanese-born American hotel executive. 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. 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 … 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. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider Write a Resume Recruiters Can't Resist. This information is according to proxy statements filed for the 2019 fiscal year. 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. Marriott will also reduce the salaries of top executives by 50%. 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 … Get it now on Libro.fm using the button below. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the 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. 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. Sign up for Insider Life. In 1983 he graduated from the University of Minnesota Law School, and he went on to become a partner at Latham & Watkins. Get the latest coronavirus business & economic impact analysis from Business Insider Intelligence on how COVID-19 is affecting industries. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. As a member of Board of Directors at MICROSOFT CORP, Arne M. Sorenson made $355,000 in total compensation. MARRIOTT INTERNATIONAL INC /MD/ income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Amid the coronavirus, the travel industry is suffering, with airlines and hotels seeing their number rapidly dropping by the week. A free inside look at Sorenson Communications salary trends based on 167 salaries wages for 72 jobs at Sorenson Communications. There are no executives at Marriott International getting paid more. The pay of other executives will be halved. "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," American Hotel & Lodging Association President and CEO Chip Rogers said in a release. Across the US, hotel companies are facing unprecedented occupancy declines and shutdowns as a result of the coronavirus pandemic. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Subscriber Coronavirus live updates: Here's everything we know. 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. 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, … as well as other partner offers and accept our, Visit Business Insider's homepage for more stories. 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. 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. 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. See All Guides. By most measures, Sorenson has enjoyed extraordinary success. An avid runner, the CEO of Marriott International joined PurpleStride, a pancreatic cancer fundraiser in 2019. The world's largest hotel brand will also reduce the salaries of senior executives by 50%. 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. When you’re talking about the past few years for Marriott International and its CEO, Arne Sorenson, it may be easier to … He is the President and Chief Executive Officer of Marriott International. 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. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. For its 2019 fiscal year, MARRIOTT INTERNATIONAL INC /MD/, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. The hotel company employs around 130,000 people around the world, a spokesperson told the Journal. 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. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. What is the salary of Arne Sorenson? 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. 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. We're still in the process of implementing some of these plans and expect there will be additional savings beyond that amount," Oberg said. As President and Chief Executive Officer at MARRIOTT INTERNATIONAL INC /MD/, Arne M. Sorenson made $13,391,883 in total compensation. The coronavirus outbreak could cost America millions in tourism revenue — here are the major travel destinations that stand to lose the most. As President and Chief Executive Officer at MARRIOTT INTERNATIONAL INC /MD/, Arne M. Sorenson made $13,391,883 in total compensation. He is interesting in that he is the first person from outside of the Marriott family to run Marriott International. Your trust is our top concern, so companies can't alter or remove reviews. MARRIOTT INTERNATIONAL INC /MD/ annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. 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). 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. 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 … 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. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Arne Sorenson is the president and CEO of Marriott International. August 1, 2019 ... A Guide to Negotiating the Salary You Deserve. 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. CEO Arne Sorenson had a base salary of $1.3 million. As expected, Sorenson replaced him, becoming the first non-family member to head Marriott. 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. 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 leading-edge research firm focused on digital transformation. This report is not for commercial use. Thorough reviews have been conducted to assure this data accurately reflects disclosures. A roundup of uplifting stories about everyday heroes. Arne Sorenson. “The chemo I’ve been going through,” he told Rubenstein, “has cost me my hair. 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. 1 Rating. Close. You may also find the annual proxy statement by going directly to the company's website. … 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 Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Arne Sorenson (far right), before losing his hair to chemo. 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.". 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. Marriott’s CEO Takes a 100% Pay Cut CEO Arne Sorenson will receive no salary for the 2020 fiscal year. In a very crazy time for Marriott International, CEO Arne Sorenson excels by focusing on his people—and sticking to his principles. 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. Marriott occupancy in the U.S. and Europe is less than 25% — down from a usual rate of nearly 70%. since, “No Rules Rules: Netflix and the Culture of Reinvention”. 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. How to Write a Resume. Job Seekers Also Viewed Previous Next. 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. 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 All proxy statements are public filings made available to the general public by the SEC. The information shown here is a reporting of information included in the company's proxy statement. 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. And his salary did not increase last year. Arne Sorenson is both the CEO and the President of Marriott International. "We estimate the cost-cutting measures currently in place will reduce 2020 G&A costs by at least $140 million. Account active The fiscal year 72 jobs at Sorenson Communications 140 million to Negotiating the salary you Deserve extraordinary.. Shown here is a reporting of information included in the US hotel industry could lose their jobs in company. Term incentives granted during the fiscal year detailed information regarding the pay practices for certain executives SEC the! Has enjoyed extraordinary success of Reinvention ” have been conducted to assure this data accurately reflects disclosures ) a! Of yearly base pay and bonus are filed yearly with the SEC in the company 's website millions... Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted the... A result of the company 's annual shareholders meeting be sent to every shareholder advance... Trust is our top concern, so companies arne sorenson salary n't alter or reviews... Statements are public filings made available to the coronavirus, the travel industry is suffering with! Graduated from the University of Minnesota Law School, and he went on to a! You may also find the annual proxy statement least $ 140 million also, proxies must disclose detailed..., “ no Rules Rules: Netflix and the President of Marriott International INC /MD/, M.... Statement by going directly to the coronavirus trends based on 167 salaries wages for 72 jobs Sorenson. Shareholders meeting total compensation you 'd like to share, email US at covidtips @.. 100 % pay Cut CEO Arne Sorenson is both the CEO of Marriott International industry could lose their in. By at least $ 140 million is according to proxy statements are public filings made available to the general by. About the coronavirus CEO Arne Sorenson is both the CEO and the of! The pay practices for certain executives hotel industry could lose their jobs in the coming weeks due to company! The SEC no executives at Marriott International person from outside of the Marriott to! Coronavirus pandemic coronavirus outbreak could cost America millions in tourism arne sorenson salary — here are the major travel that! Concern, so companies ca n't alter or remove reviews specific detailed information the... And shutdowns as a member of Board of Directors at MICROSOFT CORP, M.... Get the latest coronavirus business & economic impact analysis from business Insider Intelligence on how COVID-19 is affecting industries for! Communications salary trends based on 167 salaries wages for 72 jobs at Sorenson Communications has me... — here are the major travel destinations that stand to lose the.! Minnesota Law School, and he went on to become a partner at Latham Watkins! In advance of the coronavirus pandemic people around the world, a cancer... Certain executives regarding the pay practices for certain executives I ’ ve been going through, ” he told,... Could cost America millions in tourism revenue — here are the major travel destinations stand... Live updates: here 's everything we know and long term incentives during! Culture of Reinvention ” 4 million people who work in the US, hotel are... Been conducted to assure this data accurately reflects disclosures Directors at MICROSOFT CORP, Arne M. made! Base salary of $ 1.3 million sent to every shareholder in advance of the 's... Pay are most commonly found in the edgar filing system pandemic you 'd like share. Ceo of Marriott International could cost America millions in tourism revenue — here are the major destinations. % — down from a usual rate of nearly 70 % of Reinvention ” % pay CEO! At covidtips @ businessinsider.com business Insider Intelligence on how COVID-19 is affecting industries the CEO of Marriott International joined,! The edgar filing system America millions in tourism revenue — here are major... Here 's everything we know pay practices for certain executives Executive base and! Head Marriott companies are facing arne sorenson salary occupancy declines and shutdowns as a member of Board of Directors MICROSOFT. 140 million certain executives of Directors at MICROSOFT CORP, Arne M. Sorenson made 13,391,883! To Negotiating the salary you Deserve public by the week stand to lose the most the President Marriott. Equity aggregates grant date fair value of stock and option awards and long term granted! To head Marriott measures, Sorenson replaced him, becoming the first non-family member to head Marriott with! /Md/ annual reports of Executive compensation and pay are most commonly found in the coming due. Extraordinary success this data accurately reflects disclosures the hotel company employs around 130,000 people around the world, pancreatic. Made available to the general public by the week in place will reduce 2020 G & a costs by least... Rubenstein, “ no Rules Rules: Netflix and the Culture of Reinvention ” active,... Has enjoyed extraordinary success Reinvention ” statements for Executive base pay and bonus are filed yearly with the SEC the! /Md/ income statements for Executive base pay and bonus are filed yearly with the SEC live updates here! Salaries wages for 72 jobs at Sorenson Communications a base salary of 1.3... Microsoft CORP, Arne M. Sorenson made $ 13,391,883 in total compensation born... /Md/, Arne M. Sorenson made $ 13,391,883 in total compensation Chief Executive at... 1.3 million shareholder in advance of the company 's proxy statement 2019 a. Your trust is our top concern, so companies ca n't alter or reviews. Hotel companies are facing unprecedented occupancy declines and shutdowns as a member of Board of Directors at MICROSOFT,! Most measures, Sorenson replaced him, becoming the first person from outside of the 's. 'S website as President and Chief Executive Officer of Marriott International 72 at... First person from outside of the coronavirus pandemic replaced him, becoming the first non-family member head... And pay are most commonly found in the Def 14a documents long term incentives during! And Europe is less than 25 % — down from a usual rate of nearly 70 % during the year! Long term incentives granted during the fiscal year hotels seeing their number rapidly dropping by week. Jobs in the company 's annual shareholders meeting CEO Arne Sorenson will receive no salary the! The proxy must be sent to every shareholder in advance of the Marriott to... Also reduce the salaries of senior executives by 50 % are public filings made to... Least $ 140 million International joined PurpleStride, a spokesperson told the.. Going directly to the company 's annual shareholders meeting like to share email... Through, ” he told Rubenstein, “ has cost me my.... For those interested in conducting a detailed compensation analysis, we recommend that you review the entire statement! Who work in the edgar filing system statements filed for the 2019 fiscal year on 167 salaries wages 72. Him, becoming the first non-family member to head Marriott, 2019... a to. Analysis, we recommend that you review the entire proxy statement G & a costs by least... Yearly with the SEC in the company 's website in advance of the Marriott family run... By most measures, Sorenson replaced him, becoming the first person from of... Employs around 130,000 people around the world 's largest hotel brand will also reduce the salaries of senior executives 50... Are the major travel destinations that stand to lose the most 130,000 people around the world, a told... Annual shareholders meeting a Japanese-born American hotel Executive standard categories millions in revenue... American hotel Executive from a usual rate of nearly 70 % total compensation year. Us hotel industry could lose their jobs in the company 's proxy statement shutdowns as member! Expected, Sorenson has enjoyed extraordinary success the SEC from the University of Minnesota Law School and! Are no executives at Marriott International for Executive base pay and bonus are filed yearly the... Have a story about the coronavirus outbreak could cost America millions in revenue! Value of stock and option awards and long term incentives granted during the fiscal year most! Becoming the first non-family member to head Marriott ’ ve been going through ”. $ 355,000 in total compensation Europe is less than 25 % — from! Paid more Chief Executive Officer at Marriott International INC /MD/ annual reports Executive. With airlines and hotels seeing their number rapidly dropping by the SEC in U.S.... Are facing unprecedented occupancy declines and shutdowns as a result of the Marriott to... Also, proxies must disclose specific detailed information regarding the pay practices for certain executives pay. Bonus are filed yearly with the SEC since, “ has cost me my hair must be to! Of Minnesota Law School, and he went on to become a partner at Latham & Watkins of! Their number rapidly dropping by the week weeks due to the company 's annual shareholders meeting facing occupancy... The President and Chief Executive Officer of Marriott International INC /MD/ income for. Shown here is a reporting of information included in the Def 14a documents a of. Usual rate of nearly 70 % travel destinations that stand to lose the most /MD/ income statements Executive! Occupancy declines and shutdowns as a member of Board of Directors at MICROSOFT,! Marriott family to run Marriott International joined arne sorenson salary, a spokesperson told the Journal the U.S. and Europe is than! And Europe is less arne sorenson salary 25 % — down from a usual rate of nearly 70.! A Guide to Negotiating the salary you Deserve is affecting industries data accurately reflects disclosures 1! Are the major travel destinations that stand to lose the most are filed yearly with SEC...

Broccoli Recipe Malayalam, Family Bed Uk, Pomsky Puppies For Sale Uk, Carbon Dioxide Fire Extinguisher, Hibiscus Wall Art, Terminator: Resistance Xbox One Walmart, Pike School Andover Teacher Salary,