Marriott International has made a number of senior executive appointments beginning with William J. Shaw (pictured), who is currently president and chief operating officer, becoming vice chairman of the company, an executive position reporting to J.W. Marriott, Jr., chairman of the board and chief executive officer.Mr. Shaw will continue to serve on the board of directors. John Marriott III, chief executive officer of JWM Family Enterprises, L.P., a private partnership, will continue to serve as vice chairman of the board.
Arne M. Sorenson, executive vice president, chief financial officer, and president, continental European lodging, will become president and chief operating officer of the company, reporting to Mr. Marriott.
Carl T. Berquist, executive vice president financial information and enterprise risk management, will become executive vice president and chief financial officer, reporting to Mr. Shaw. Mr. Berquist will retain his role as the company’s principal accounting officer.
In speaking to a meeting of associates at the company’s headquarters, Mr. Marriott said, “The steps we are taking today are important and will put Marriott in the strongest position for a successful future. In these unprecedented times, the company is fortunate to have extraordinary executives who will expand our industry leadership and drive long term opportunity.”
Mr. Shaw has been pivotal in Marriott’s rapid growth. Since joining the company, he has held key financial, development and operating positions in the company before being appointed president and chief operating officer in 1997. Since then, he has overseen operations as Marriott expanded from 1,500 hotels and 300,000 rooms in 54 countries to nearly 3,200 hotels and 560,000 rooms in 66 countries.
Under Mr. Shaw the company has exited non-core businesses, protected hotel margins by deploying systems and technology to reduce costs, enhanced productivity and streamlined operations.
Mr. Sorenson joined Marriott in 1996, and in 1997, led the acquisition of the Renaissance Hotels and Resorts brand. He was named chief financial officer in 1998. Under Mr. Sorenson’s leadership as CFO, Marriott has recycled over $5 billion of capital through the sale of assets, repurchased over 250 million shares of the company’s common stock, and strengthened the company’s balance sheet, which has been instrumental in driving Marriott’s unit growth. He also has dramatically improved the efficiency of company-wide finance systems and controls. In 2003, Mr. Sorenson assumed responsibility for continental European lodging, where he has managed operations across more than 100 hotels and spearheaded the launch of the Courtyard brand there.
Mr. Berquist, who joined the company in December 2002, led an initiative to significantly expand effectiveness and transparency in financial analysis and reporting across the company. As CFO, he will oversee global finance, including financial reporting, project finance, financial planning, treasury, tax, audit, and risk management.