Who are the new CEO and President of Marriott International?

Anthony Capuano has been appointed as the new Chief Executive Officer and Stephanie Linnartz has been appointed as the new President.

What are the compensation details for the new CEO and President?

Mr. Capuano will receive a base salary of $1.3 million, with a target cash incentive of 200% of base salary and target equity awards valued at $9 million. Ms. Linnartz will receive a base salary of $1 million, with a target cash incentive of 100% of base salary and target equity awards valued at $6.5 million. Both will receive a mix of performance-based and time-based equity awards.

What is the significance of the bylaw amendment mentioned in the filing?

The bylaws were amended to formally create and define the role of Chief Executive Officer, establishing clear lines of authority and reporting for other officers, which previously were more aligned with the President's role.

Are these appointments a surprise, or were they expected?

The filing states that with these appointments, Mr. Capuano and Ms. Linnartz will no longer serve as acting co-principal executive officers, suggesting a transition that was likely anticipated or planned as part of leadership succession.

MAR 8-K: Leadership Changes, Corporate Changes & More

Summary

Marriott International, Inc. announced significant leadership changes in an 8-K filing dated February 25, 2021. Effective immediately, Anthony Capuano has been appointed Chief Executive Officer and a member of the Board of Directors. Following this, Stephanie Linnartz was appointed President, effective February 22, 2021. These appointments mark the transition from their previous roles as acting co-principal executive officers, formalizing the company's top leadership. Mr. Capuano, with extensive experience in global development, design, and operations, and Ms. Linnartz, with a strong background in consumer operations, technology, and emerging businesses, are set to lead Marriott into its next phase. The filing also details their compensation packages for 2021, which include base salaries, incentive cash awards, and significant equity grants tied to performance metrics, reflecting the company's commitment to aligning executive pay with shareholder value. Additionally, the company's bylaws were amended to formally establish the CEO role and define the reporting structure.

Key Highlights

1Anthony Capuano appointed Chief Executive Officer and Board member, effective February 21, 2021.
2Stephanie Linnartz appointed President, effective February 22, 2021.
3Both executives transition from their roles as acting co-principal executive officers.
4Mr. Capuano's compensation includes a $1.3M base salary, 200% target cash incentive, and $9M in target equity awards.
5Ms. Linnartz's compensation includes a $1M base salary, 100% target cash incentive, and $6.5M in target equity awards.
6Executive equity awards are a mix of performance share units (PSUs), restricted stock units, and stock appreciation rights, with PSUs vesting based on EBITDA and total stockholder return.
7Company bylaws amended to formally establish the CEO title and clarify officer reporting structures.

MARRIOTT INTERNATIONAL INC /MD/ 8-K Report, Executive Changes (Feb 25, 2021)

Summary

Key Highlights

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