Summary
Marriott International, Inc. (MAR) announced a change in its Board of Directors composition. Bruce W. Duncan has informed the company of his resignation from the Board, effective July 22, 2020. Mr. Duncan cited his recent election as President & Chief Executive Officer and a member of the Board of Directors of CyrusOne Inc. as the reason for his departure, stating he could no longer dedicate sufficient time and attention to Marriott and its stockholders. Importantly, Mr. Duncan's resignation is not due to any disagreements with Marriott's operations, policies, or procedures. Following his departure, the size of Marriott's Board of Directors will be reduced from twelve to eleven members, effective concurrently with Mr. Duncan's resignation. This change impacts the board's structure but does not appear to signal any operational concerns.
Key Highlights
- 1Bruce W. Duncan is resigning from the Marriott Board of Directors, effective July 22, 2020.
- 2The reason for resignation is Mr. Duncan's increased time commitment required by his new role as President & CEO of CyrusOne Inc.
- 3Mr. Duncan's resignation is not related to any disagreements with Marriott's management, operations, or policies.
- 4The Board of Directors' size will decrease from twelve to eleven members.
- 5The reduction in board size will be effective concurrently with Mr. Duncan's resignation.