Summary
Marriott International, Inc. (MAR) filed an 8-K report on December 27, 2005, detailing a change in executive responsibilities and compensation. Specifically, on November 3, 2005, the Board of Directors approved the annual compensation for John W. Marriott III, who transitioned from Executive Vice President - Lodging to Vice Chairman of the Board of Directors. This change, effective January 2006, involves a revised compensation structure for his new role. The report clarifies that as Vice Chairman, Mr. Marriott will receive compensation equivalent to 125% of the annual cash retainer, attendance fees, and annual stock award granted to non-employee directors. This filing is primarily informational, outlining the compensation adjustments associated with this internal leadership transition and providing investors with transparency regarding executive compensation policies.
Key Highlights
- 1John W. Marriott III to transition from Executive Vice President - Lodging to Vice Chairman of the Board of Directors in January 2006.
- 2Board of Directors approved new annual compensation for the Vice Chairman role on November 3, 2005.
- 3Vice Chairman compensation will be 125% of non-employee director annual cash retainer, attendance fees, and stock award.
- 4This compensation is contingent upon no longer holding an officer position.
- 5The filing includes a summary of director compensation as an exhibit.
- 6The report is an 8-K filing dated December 26, 2005, with an event date of November 3, 2005.