Marriott says CEO Arne Sorenson died after battle with most cancers

Arne Sorenson, CEO of Marriott International, speaks at the World Economic Forum in Davos, Switzerland, on January 21, 2020.

Adam Galica | CNBC

Arne Sorenson, who was credited with transforming Marriott International into the world’s largest hotel chain after acquiring Starwood Hotels & Resorts for $ 13 billion in 2016, has passed away.

Sorenson, the third CEO in Marriott history and the first outside the founding family, passed away on Monday, the company said in a press release on Tuesday. He was 62 years old and was being treated for pancreatic cancer.

Sorenson expanded the company’s global presence to dozens of brands including W Hotels, Ritz-Carlton, Courtyard and Sheraton.

Most recently, he was hired to run the business through a pandemic that has stalled most global and domestic travel.

In May 2019, the hotel operator announced that Sorenson had been diagnosed with cancer. Earlier this month it was announced that the CEO would temporarily cut his work schedule to accommodate more demanding treatment.

Marriott had already gained two executives earlier this year – Stephanie Linnartz, Group President, Consumer Operations, Technology and Emerging Business; and Tony Capuano, group president for global development, design and operations services to oversee day-to-day operations and represent Sorenson.

The company announced Tuesday that Linnartz and Capuano will continue to do so until the board appoints a new CEO, which is expected to be over the next two weeks.

Marriott stock rose less than 1% on the Tuesday before trading, after falling about 12% in the past 12 months. The hotel operator has a market capitalization of nearly $ 42 billion.

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