Marriott International has announced its board of directors approved a 30 per cent increase in the company’s quarterly cash dividend from ten cents to thirteen cents per share of common stock.
The dividend is payable on June 22nd, 2012 to shareholders of record on May 18th, 2012.
The board also approved a resolution changing the company’s fiscal year to a calendar year-end beginning with 2013.
During 2012, Marriott is upgrading its accounting and financial reporting tools, which will enable the conversion of the entire organisation from a 13-period year to a 12-month accounting calendar.
The company believes these changes will allow the simplification of transaction and reporting processes to support future growth.
The company will not restate historical results as a part of this change.
The company’s fiscal year 2013 will begin on December 29th, 2012 and will end on December 31st, 2013.