Summary
Marriott International, Inc. (MAR) filed an 8-K on December 3, 2012, announcing a significant change to its Board of Directors. The company expanded its board to eleven members and appointed W. Mitt Romney as a new director. This appointment, effective December 3, 2012, was made upon the recommendation of the Board's Nominating and Corporate Governance Committee. Investors should note that there are no stated arrangements or understandings between Mr. Romney and any other party regarding his directorship, nor are there any disclosed related-party transactions or proposed transactions exceeding $120,000 in which he has or will have a material interest. Mr. Romney's compensation will be in line with the company's standard practices for non-employee directors, as detailed in their 2012 Proxy Statement.
Key Highlights
- 1Marriott International appointed W. Mitt Romney to its Board of Directors on December 3, 2012.
- 2The size of the Board of Directors was increased from 10 to 11 members to accommodate the new appointment.
- 3The appointment was made upon the recommendation of the Nominating and Corporate Governance Committee.
- 4There are no disclosed arrangements or understandings concerning Mr. Romney's selection as a director.
- 5No material related-party transactions involving Mr. Romney are disclosed in this filing.
- 6Mr. Romney will receive compensation consistent with Marriott's non-employee director compensation policies.