Summary
Marriott International, Inc. (MAR) announced significant changes to its Board of Directors and corporate governance structure via an 8-K filing on June 18, 2014. Key developments include the resignation of John W. Marriott III from the Board and his role as Vice Chairman, effective June 16, 2014. This departure coincides with the Board's decision to eliminate the position of Vice Chairman of the Board and related bylaw references, effective immediately. In addition, the Board elected Deborah Marriott Harrison as a new director, with her term extending to the 2015 annual shareholder meeting. Ms. Harrison, who holds the position of Global Officer, Marriott Culture and Business Councils, is the daughter of Executive Chairman J.W. Marriott, Jr. Notably, as an employee director, she will not receive additional compensation for her board service. The filing also references exhibits including amended bylaws and a press release detailing these changes.
Key Highlights
- 1John W. Marriott III resigned from the Board of Directors and as Vice Chairman on June 16, 2014.
- 2Marriott International eliminated the position of Vice Chairman of the Board and related bylaw references, effective immediately.
- 3Deborah Marriott Harrison was elected as a new director to the Board on June 17, 2014.
- 4Deborah Marriott Harrison is the daughter of Executive Chairman J.W. Marriott, Jr.
- 5Ms. Harrison, as an employee director, will not receive additional compensation for her board service.
- 6The filing includes amendments to the Company's bylaws and a press release announcing the Board changes as exhibits.