Summary
This Form 8-K filing from Marriott International, Inc. reports on the retirement of officer William J. Shaw, effective July 2, 2011. Mr. Shaw had previously retired as Vice-Chairman on March 31, 2011, and remained with the company in a non-executive capacity. The filing also announces Mr. Shaw's election to the Board of Directors of Marriott Vacations Worldwide Corporation, the entity being spun off to manage Marriott's vacation club business.
Key Highlights
- 1William J. Shaw retired from Marriott International, Inc. effective July 2, 2011.
- 2Mr. Shaw previously retired as Vice-Chairman on March 31, 2011.
- 3He continued employment in a non-executive capacity after his Vice-Chairman retirement.
- 4Mr. Shaw was elected to the Board of Directors of Marriott Vacations Worldwide Corporation.
- 5Marriott Vacations Worldwide Corporation is being spun off into a separate publicly-traded company.
- 6Mr. Shaw will receive a quarterly retainer for his director services with the new entity.
- 7Carl T. Berquist, Executive Vice President and Chief Financial Officer, signed the filing.
Frequently Asked Questions
The main event is the retirement of officer William J. Shaw from Marriott International, Inc. and his subsequent election to the Board of Directors of Marriott Vacations Worldwide Corporation.
Marriott Vacations Worldwide Corporation is the entity formed to conduct Marriott's vacation club business, which is planned to be spun off into a separate, publicly-traded company.
No, Mr. Shaw has retired from Marriott International. However, he will serve as a non-employee director for the newly formed, independent Marriott Vacations Worldwide Corporation.
Mr. Shaw will be paid a quarterly retainer for his service as a non-employee director of Marriott Vacations Worldwide Corporation. The exact amount of the retainer is to be determined at a later date.