Marriott announces CEO Arne Sorenson's salary will be suspended for the rest of the year and senior executives' salaries will be reduced by 50% as the coronavirus ravages the hospitality industry
In a conference call with investors on March 19, Marriott's Executive Vice President and Chief Financial Officer Leeny Oberg announced that the company will suspend the salaries of President and CEO Arne Sorenson and Executive Chairman Bill Marriott for the balance of 2020 to offset revenue losses due to the coronavirus pandemic.
A November 2018 Marriott data breach revealed that Sorenson took home close to $12.9 million dollars that year, David Goldman reported for CNN Business.
The world's largest hotel brand will also reduce the salaries of senior executives by 50%.
In an emotional video address posted to Marriott International's Twitter account following the call, Sorenson said that "in most markets, our business is already running 75% below normal levels."
