Monday, Hospitality Company, Marriott International, Inc. (MAR) announced the appointment of Arne Sorenson as chief operating officer, replacing William Shaw, who would become vice chairman of the company. The company named Carl Berquist, the new chief financial officer, effective May 1.
Sorenson, who joined Marriott in 1996, was executive vice president and chief financial officer, in addition to president of continental European lodging. He became CFO in 1998. Sorenson will report to John Marriott III, chief executive officer of JWM Family Enterprises, L.P, who will continue as vice chairman of the board.
Carl Berquist, the new executive vice president and chief financial officer, will be reporting to William Shaw, the current president and chief operating officer and who will be the new vice chairman. The company noted that Berquist would continue as principal accounting officer.
In addition, the company said that William Shaw, in his new position will report to J.W. Marriott, Jr., chairman of the board and chief executive officer and will continue to serve on the board.
MAR is currently trading at $12.94, up $0.31 or 2.45% on a volume of 4.7 million shares, with a 52-week range of $11.88 to $37.89 on the NYSE.
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