Arne Sorenson, CEO, Marriott Worldwide talking on the World Financial Discussion board in Davos, Switzerland, January 21, 2020.
Adam Galica | CNBC
Arne Sorenson, who turned Marriott International into the world’s largest resort chain after buying Starwood Lodges & Resorts in a $13 billion deal in 2016, has died. He was 62 and had been present process remedy for pancreatic most cancers, the corporate introduced Tuesday.
Sorenson, the third CEO in Marriott’s historical past and the primary exterior the founding household, died Monday, the company said.
Sorenson expanded Marriott’s presence worldwide below dozens of manufacturers, together with W Lodges, Ritz-Carlton, Courtyard and Sheraton.
Previously yr, he needed to lead the enterprise by way of the Covid pandemic, which has introduced most international and home journey to a standstill.
The resort operator had introduced in Might 2019 that Sorenson had been identified with pancreatic most cancers. Earlier this month, it shared the information that the CEO could be briefly reducing again his work schedule to accommodate extra demanding remedy.
Earlier this yr, Marriott tapped two executives – Stephanie Linnartz, group president of client operations, know-how and rising companies; and Tony Capuano, group president of world growth, design and operations companies – to supervise day-to-day operations, filling in for Sorenson.
The corporate mentioned Tuesday that Linnartz and Capuano will proceed to take action till the board appoints a brand new CEO, which is predicted to be inside two weeks.
Marriott shares had been up lower than 1% in premarket buying and selling Tuesday, having fallen about 12% over the previous 12 months. The resort operator has a market cap of practically $42 billion.