Marriott (MAR) CEO Arne Sorenson became one of several company chief executives that he will not be taking a salary for the rest of the year, responding to the fallout from the coronavirus.
“In terms of our business, COVID-19 is like nothing we’ve ever seen before,” Sorenson said.
“For a company that’s 92 years old, that’s borne witness to the Great Depression, World War II, and many other economic and global crises, that’s saying something.”.
The leader of the world's largest hotel company added: “I will not be taking any salary for the balance of 2020 and my executive team will be taking a 50% cut in pay.”.
View photos Arne Sorenson, president and chief executive officer of Marriott International Inc., at the White House on Tuesday, March 17, 2020.
The hospitality industry has been crushed due to the coronavirus, or COVID-19, as occupancy rates plummet due to various restrictions.
The average daily rate for rooms has dipped more than 10%, and the revenue per available room has dropped by 32.5%. »