Marriott International Inc. announced several moves in top management yesterday, including a new post for the son of its chief executive and additional duties for its chief financial officer.
John W. Marriott III, was named executive vice president of lodging, a job whose duties include oversight of global sales and marketing, brand management, and supervision of North American lodging operations. He will report to William J. Shaw, Marriott's president and chief operating officer. John Marriott has been the company's executive vice president of sales and marketing since 2000.
Arne M. Sorenson, the Bethesda hotel company's chief financial officer, is taking on additional responsibilities in a newly created position, president of continental European lodging. He will oversee the chain's operations and development of new hotels in Europe.
The shifts are part of a plan at the Bethesda-based hotel company to cultivate its senior management team, as J.W. "Bill" Marriott Jr., the firm's chairman and chief executive, gets older, Marriott officials and analysts said. Marriott, 70, has gradually been dispersing some responsibilities and grooming possible successors over the last few years, they noted.
"This is one of several steps in our plans for the future," said Tom Marder, a Marriott spokesman. "We are broadening the scope of responsibilities of some of our senior executives who have great potential."
"Arne's responsibilities are over and above a typical CFO's duties anyways," Rod Petrik, a hotel analyst at Legg Mason Wood Walker Inc., said of Sorenson's new job. "His last name isn't Marriott, but I wouldn't be surprised if his name pops up to run the company some day."
The company also announced that Robert J. McCarthy will replace Terry Petty as executive vice president of North American lodging operations. Petty, who has been with Marriott for 19 years, will be leaving the company by the end of the year to "pursue other opportunities," Marder said.
Marriott runs 2,600 hotels in the United States and 65 hotels overseas. In 2001, it had $20 billion in revenue.