UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 3, 2015
MARRIOTT INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 1-13881 | 52-2055918 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 10400 Fernwood Road, Bethesda, Maryland | 20817 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (301) 380-3000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 3, 2015, Carl T. Berquist, Executive Vice President and Chief Financial Officer of Marriott International, Inc. (“Marriott”), announced his intent to resign from the position of Chief Financial Officer of Marriott, effective December 31, 2015. Mr. Berquist intends to continue to work for Marriott through March 2016 to assist in the transition of his function to his successor.
On December 3, 2015, the Board of Directors (the “Board”) of Marriott, upon recommendation of the Chairman of the Board and the President and Chief Executive Officer, appointed Kathleen K. Oberg as Executive Vice President and Chief Financial Officer of Marriott, effective January 1, 2016. Ms. Oberg, age 55, currently serves as the Chief Financial Officer for The Ritz-Carlton Hotel Company, L.L.C., an operator of luxury hotels and resorts worldwide, and a subsidiary of Marriott. Prior to her current role, which she has held since 2013, she served as Marriott’s Senior Vice President, Corporate and Development Finance from 2008 to 2013, leading a team providing a broad range of corporate finance and valuation support to senior management. Ms. Oberg was a key member of the leadership team that structured and executed the spin-off of Marriott’s timeshare business in 2011. From 2006 to 2008, she served as Senior Vice President, International Project Finance and Asset Management for Europe, the Middle East and Africa and served as the region’s senior finance executive. Ms. Oberg originally joined Marriott in 1999 in Investor Relations and served as one of the company’s primary contacts with institutional investors and analysts. In 2004, she was promoted to Vice President of Project Finance and served in this role for two years before moving to London. Ms. Oberg has also held numerous financial leadership positions with such organizations as Sodexo (previously Sodexho Marriott Services), Sallie Mae, Goldman Sachs and Chase Manhattan Bank. She earned her Bachelor of Science in Finance/Management Information Systems from the University of Virginia, McIntyre School of Business and received her MBA from Stanford University Graduate School of Business.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibit is furnished with this report:
A copy of the press release announcing the resignation of Mr. Berquist and the appointment of Ms. Oberg is furnished as Exhibit 99.1.
| Exhibit 99.1 | – Press release issued on December 7, 2015. | |||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MARRIOTT INTERNATIONAL, INC. | ||||||
| Date: December 7, 2015 | By: | /s/ Bancroft S. Gordon | ||||
| Bancroft S. Gordon | ||||||
| Vice President, Senior Counsel and Corporate Secretary | ||||||
Exhibit 99.1
|
Marriott International, Inc. Corporate Headquarters
| |
| News | ||
Contacts:
Tom Marder, (301) 380-2553, thomas.marder@marriott.com
Felicia McLemore, (301) 380-2702, felicia.mclemore@marriott.com
MARRIOTT ANNOUNCES CARL BERQUIST TO RETIRE AS CHIEF FINANCIAL OFFICER
Ritz-Carlton’s Leeny Oberg to Become Marriott CFO on January 1
Bethesda, Md., December 7, 2015 – Marriott International, Inc. (NASDAQ: MAR) announced today that Carl Berquist, Marriott’s executive vice president and chief financial officer for the past seven years, will retire as CFO on December 31, 2015, remaining with the company as a special adviser through March 2016. Leeny Kelly Oberg, a 16-year Marriott veteran, and currently chief financial officer for The Ritz-Carlton Hotel Company, LLC, a wholly-owned subsidiary of Marriott, will become Marriott’s chief financial officer on January 1, 2016, succeeding Mr. Berquist.
Mr. Berquist’s leadership has been instrumental in the company’s significant global growth, culminating with Marriott’s announced plans in November to acquire Starwood Hotels & Resorts Worldwide in a merger transaction. After a 28-year career at Arthur Andersen LLP, where he led the firm’s accounting work on behalf of Marriott, in 2002 Mr. Berquist joined Marriott as executive vice president and chief accounting officer. Quickly moving into the role of executive vice president, financial information and risk management, Mr. Berquist was appointed CFO in 2009. He created a model for the global finance team that provided flexibility and support for the company’s operating regions while ensuring appropriate enterprise controls.
During his tenure as CFO, Marriott acquired Gaylord Hotels, Protea Hotels and Delta Hotels and Resorts. Mr. Berquist also led the spin-off of Marriott’s timeshare business in 2011, as well as a transaction with Accenture Hospitality Services involving back-office functions in 2013.
Arne Sorenson, Marriott’s president and chief executive officer, said, “While Carl’s outstanding record speaks for itself, I cannot emphasize enough the contributions that he has made as a great leader and highly-valued colleague at Marriott. His dedication and loyalty have been instrumental to our success. We will greatly miss his wise counsel and partnership.”
As a partner at Arthur Andersen, Mr. Berquist held numerous leadership positions, covering the management of the business as well as market facing operational roles, including managing partner of the worldwide real estate and hospitality practice.
A member of the Board of Directors of Hertz Global Holdings, Inc., Mr. Berquist, 64, is a graduate of Penn State University, where he serves as a member of its Smeal College of Business’ Board of Visitors, as well as the School of Hospitality Management Board of Advisors.
Beginning her new role as Marriott chief financial officer on January 1, Leeny Oberg, 55, assumed her current position at Ritz-Carlton in 2013, where she contributed significantly to the brand’s performance, growth and organizational effectiveness.
Previously, Ms. Oberg served in a range of financial leadership positions with Marriott. From 2008 to 2013, she was the company’s senior vice president, corporate and development finance, where she led a team which valued new hotel development projects, evaluated merger and acquisition opportunities, prepared the company’s long range plans and annual budgets, and made recommendations for the company’s financial and capital allocation strategy. Ms. Oberg was a key member of the team that executed the spin-off of Marriott’s timeshare business in 2011. From 2006 to 2008, Ms. Oberg served in London as senior vice president, international project finance and asset management for Europe, the Middle East and Africa, and also as the region’s senior finance executive. Ms. Oberg first joined Marriott as part of its investor relations group in 1999.
Mr. Sorenson said, “Having worked closely with Leeny over much of her career, I am thrilled to have her join my team. She brings great experience, leadership and passion to a very critical role within the company at a time of major opportunity in the global marketplace.”
Prior to joining Marriott, Ms. Oberg held a variety of financial leadership positions with such organizations as Sodexo (previously Sodexo Marriott Services), Sallie Mae, Goldman Sachs and Chase Manhattan Bank. She earned her Bachelor of Science in Finance/Management Information Systems from the University of Virginia, McIntyre School of Business and received her MBA from Stanford University Graduate School of Business.
About Marriott International, Inc.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,300 properties in 85 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, Bvlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 54 million members. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.