Marriott International Inc. MAR, -2.75% said Monday its Executive Chairman J.W. Marriott Jr. has decided to retire in May and will not stand for re-election to the board at its coming annual shareholder meeting. He will be succeeded by David S. Marriott who will become chairman of the board following the meeting. J.W. Marriott will be made Chairman Emeritus, also after the AGM. J.W. Marriott, Jr. “guided what was once a family-run root beer stand and restaurant business to a global hospitality company that is today comprised of nearly 8,000 properties across 30 brands in 139 countries and territories,” the company said in a statement. He became a full-time associate at the company in 1956 and was appointed president in 1964, CEO in 1972, and held that role for 40 years before stepping down in March of 2021. He was named chairman of the board in 1985. David Marriott joined the company in 1999 and became a director in 2021. Shares were slightly higher premarket and have gained 31% in the last 12 months, while the S&P 500 SPX, -1.90% has gained 12.3%.
