2014 Annual Report

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Executive Officers

J.W. Marriott Jr. †
Executive Chairman and Chairman of the Board
J.W. Marriott

J.W. Marriott, Jr. is Executive Chairman and Chairman of the Board of Marriott International, Inc., one of the world's largest lodging companies. He was Chief Executive Officer and Chairman of the Board for 40 years, before stepping down on March 31, 2012. His leadership spans nearly 60 years, and he has taken Marriott from a family restaurant business to a global lodging company with more than 4,100 properties in 79 countries and territories.

Known throughout the industry for his hands-on management style, Mr. Marriott has built a highly regarded culture that emphasizes the importance of Marriott’s people and recognizes the value they bring to the organization. Today, there are approximately 361,000 employees at the company’s headquarters and other offices, and at managed and franchised property locations.

Marriott International is also well known as a great place to work and for its commitment to diversity, social responsibility and community engagement. It has consistently been named to Fortune’s lists of most admired companies, best places to work and top companies for minorities.

At an early age, Mr. Marriott developed a passion for the business and worked in a variety of positions in the Hot Shoppes restaurant chain during his high school and college years. He joined the company full time in 1956 and soon afterward, took over management of Marriott’s first hotel. Mr. Marriott became executive vice president of the company, then its president, in 1964. He was elected chief executive officer in 1972 and chairman of the board in 1985.

Regarded as a lodging innovator, Mr. Marriott began shifting the company’s business model in the late 1970s from hotel ownership to property management and franchising. His strategic decision allowed the company to accelerate its growth and broaden its leadership position. That transformation culminated in the company’s split in 1993 into Marriott International, a hotel management and franchising company, headed by Mr. Marriott, and Host Marriott International, a hotel ownership company chaired by his brother, Richard Marriott.

Mr. Marriott has also worked to compile the greatest portfolio of lodging brands, ranging from limited service to luxury hotels and resorts. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including The Ritz-Carlton, JW Marriott, Bulgari, EDITION, Renaissance, Marriott Hotels, Gaylord Hotels, Autograph Collection Hotels, Delta Hotels and Resorts, AC Hotels by Marriott, Moxy Hotels, Courtyard, Fairfield Inn & Suites, SpringHill Suites, Residence Inn, TownePlace Suites, Protea Hotels, and Marriott Executive Apartments, and Marriott Vacation Club.

Mr. Marriott serves on the board of The J. Willard & Alice S. Marriott Foundation. He is a member of the Executive Committee of the World Travel & Tourism Council. Mr. Marriott has served on the Board of Trustees of the National Geographic Society, as director of the United States Naval Academy Foundation, chairman of the President’s Export Council (PEC) and a member of the Secure Borders Open Doors Advisory Committee (SBODAC) and the U.S. Travel and Tourism Advisory Board (TTAB). He also recently served as chairman of the Mayo Clinic Capital Campaign, and has served on the board of General Motors.

Mr. Marriott attended St. Albans School in Washington, D.C., earned a B.S. degree in banking and finance from the University of Utah and served as an officer in the United States Navy. He is an active member of The Church of Jesus Christ of Latter day Saints. He is married to the former Donna Garff. They are the parents of four children, and they have 15 grandchildren and 12 great grandchildren.

Feb 2015

Arne M. Sorenson †
President and Chief Executive Officer
Arne Sorenson

Arne M. Sorenson is President and Chief Executive Officer of Marriott International, Inc., a leading lodging global company with more than 4,100 lodging properties in more than 79 countries and territories and reported revenues of more than $14 billion in fiscal year 2014.

Marriott International operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including Marriott Hotels, The Ritz-Carlton, JW Marriott Hotels, Bulgari, EDITION, Renaissance, Protea, Gaylord Hotels, Autograph Collection Hotels, Delta Hotels and Resorts, Moxy Hotels, AC Hotels by Marriott, Courtyard, Fairfield Inn & Suites, SpringHill Suites, Residence Inn, TownePlace Suites Marriott Executive Apartments and Marriott Vacation Club.

Previously, Mr. Sorenson was Marriott’s President and Chief Operating Officer. Earlier, he served as Executive Vice President, Chief Financial Officer, and President of Continental European Lodging, with responsibility for lodging operations and development in the continental European region, as well as the company’s overall financial functions.

Prior to joining Marriott in 1996, Mr. Sorenson was a partner with the law firm Latham & Watkins in Washington, D.C., where he specialized in mergers and acquisitions litigation.

Mr. Sorenson was elected to Marriott International’s Board of Directors in 2011. In January 2015, he was elected chair of the Brand USA board, and also serves on the President’s Export Council and the Luther College Board of Regents.

Mr. Sorenson co-founded Marriott’s Global Sustainability Council in 2007. In 2008, he launched Marriott’s rainforest preservation partnership with the Amazonas Sustainable Foundation in Brazil. He is also chairman of Marriott’s Global Diversity and Inclusion Council and on the Marriott Board of Directors’ Committee for Excellence, a board subcommittee focused on diversity. Together, the Council and Committee monitor and evaluate our company’s strategy to promote a diverse workforce, as well as ownership, customer and vendor communities around the world. He also writes a blog as an Influencer on LinkedIn and has more than 215,000 followers.

Mr. Sorenson is a graduate of the University of Minnesota Law School and Luther College in Decorah, Iowa.

Feb 2015

Bao Giang Val Bauduin †
Vice President, Controller and
Chief Accounting Officer
Bao Giang Val Bauduin

Val Bauduin is the Controller and Chief Accounting Officer for Marriott International responsible for the accounting operations of the company and oversight of Financial Reporting & Analysis, Accounting Policy, Governance, Risk Management, Accenture Hospitality Services and the Corporate Finance Business Partners.

Val joined Marriott from Deloitte & Touche LLP where he was a Partner and U.S. Hospitality practice leader. He also served as a Travel, Hospitality & Leisure industry expert for Deloitte teams globally. In his role as U.S. Hospitality leader, he supported audit, tax, consulting and advisory teams in delivering client services to major hospitality companies. In addition, he led the audit of a large gaming company and supported capital market transactions, (including initial public offerings, debt, issuances, repurchases, debt-for-equity swaps and related derivative instruments), spinoffs and real estate development projects related to gaming and hospitality.

Val earned a BA in Economics & Accounting from the University of Notre Dame and an MBA in Finance from The Wharton School at the University of Pennsylvania. He is a Certified Public Accountant and a member of the AICPA. Val is a member of the America’s Lodging Investment Summit and is an avid speaker at various hospitality conferences including the Travel Distribution Summit of North America and the STR Hotel Data Conference.

Anthony G. Capuano †
Executive Vice President and
Global Chief Development Officer
Anthony Capuano

Anthony Capuano is Marriott’s Executive Vice President and Global Chief Development Officer. He is responsible for the global development of all Marriott lodging brands and supervises offices in Bangkok, Barcelona, Beijing, Cape Town, Delhi, Dubai, Ho Chi Minh City, Hong Kong, Istanbul, Jakarta, London, Mexico City, Moscow, Paris, Rome, São Paulo, Shanghai, Tokyo, Zagreb, Zurich and multiple offices across North America.

Mr. Capuano began his Marriott International career in 1995 as part of the Market Planning and Feasibility team. Between 1997 and 2005, he led Marriott’s full service development efforts in the Western U.S. and Canada. In early 2008, his responsibilities expanded to include North America, the Caribbean and Latin America. In 2009, he assumed global Development responsibility for the Company.

Mr. Capuano began his professional career in Laventhol and Horwath’s Boston-based Leisure Time Advisory Group. He then joined Kenneth Leventhal and Company’s hospitality consulting group in Los Angeles, CA.

Mr. Capuano earned his bachelor’s degree in Hotel Administration from Cornell University. He is an active member of the Cornell Society of Hotelmen and a member of The Cornell School of Hotel Administration Dean’s Advisory Board. Mr. Capuano is also a member of the American Hotel and Lodging Association’s IREFAC Council. In addition, Mr. Capuano is an active member of The Urban Land Institute and Marriott’s Committee for Excellence, Global Diversity and Inclusion Council and Green Council.

January 2015

Bancroft S. Gordon
Vice President
Assistant General Counsel and Corporate Secretary
Bancroft Gordon

Bancroft Gordon joined Marriott International, Inc. in July 2007 as Vice President, Senior Counsel, and Corporate Secretary. He was promoted to Assistant General Counsel in November 2014. His responsibilities include oversight of the Company’s corporate governance matters, insider trading compliance, and management of its subsidiaries.

Mr. Gordon served as Assistant General Counsel, Securities of Freddie Mac from April 1991 to June 2007, and as General Counsel of the Freddie Mac Foundation from 1996 to June 2007. Prior to that, he worked as a corporate/securities associate at the Washington D.C. law firm of Shaw Pittman Potts and Trowbridge (now Pillsbury Winthrop Shaw Pittman) from 1986 to 1991.

Mr. Gordon received his J.D. from Harvard Law School in 1986 and his B.A. summa cum laude from Howard University in 1983. He is a member of the Nominating and Executive Committees of the Board of Directors of the Maryland Chamber of Commerce and a regular speaker on Corporate Governance matters nationwide.

David J. Grissen †
Group President
David J. Grissen

David J. Grissen is Group President for Marriott International, Inc. Mr. Grissen’s specific responsibilities include the financial management and leadership of all of the Americas’ Lodging operations comprising more than 3,300 hotels and a work force of 100,000 associates. This includes responsibilities for sales and marketing, revenue management, human resources, engineering, rooms operations, food and beverage, retail, spa, information resources and development.

In addition, Mr. Grissen is responsible for The Ritz-Carlton and Global Operations Services organizations.

Prior to his current position, he served as Group President, The Americas; President, The Americas; Executive Vice President of the Eastern Region; Senior Vice President of the Mid-Atlantic Region and Senior Vice President of Finance and Business Development.

Mr. Grissen is chair of the Americas’ Hotel Development Committee and a member of the Lodging Strategy Group and Corporate Growth Committee. He is a member of the Board of Directors of Regis Corporation, an organization that operates and franchises over 9,000 hair and retail product salons. He is also Vice Chairman of the Board of Directors for Back on My Feet, an organization that helps individuals experiencing homelessness.

Mr. Grissen holds a bachelor’s degree from Michigan State University and a master’s degree from Loyola University in Chicago.

February 2014

Carolyn B. Handlon
Executive Vice President-Finance
and Global Treasurer
Carolyn Handlon

Carolyn Handlon is Executive Vice President Finance & Global Treasurer of Marriott International. She leads Marriott’s corporate finance organization, overseeing the financial health and strategy of this $14 billion market cap lodging company. Areas of responsibility include: financial strategy and analysis, financial risk management, global capital sourcing and transaction evaluation.

Marriott International is a global operator and franchisor; a trail-blazing “asset light” lodging organization. Leveraging her extensive network of global relationships, Ms. Handlon has helped fuel the company’s more than five-fold unit growth by leading and closing multi-billion dollar financial transactions for the company and owners of its more than 4,100 open or under-development hotels around the world. She is one of the key leaders in the structuring of business combinations, spin-offs and joint ventures. Carolyn has a stellar record of navigating turbulent economic recessions and capital market crises, preserving liquidity and financial stability for the company. She is highly respected by global financial institutions, rating agencies, owners, and developers.

Ms. Handlon leads a dynamic and cutting-edge finance organization. She excels in collaboration across all disciplines, managing financial risks while fueling positive, aggressive growth and shareholder value creation. Key activities include: the company’s long range planning effort, managing capital allocation and ensuring the financial integrity of proposed transactions.

Ms. Handlon is a leader, or participant, of seven Governance Committees at Marriott including Global Development, Asset Management, Loan, Financial Risk Management, Impairment, and Corporate Growth as well as the Trustee of the company’s Profit Sharing Program. She is also a member of Marriott’s Global Green Council, promoting sustainable programs and services.

In addition to her 26 years of Marriott experience, since 2001, Ms. Handlon has been Chairman of the Finance Committee of Congressional Country Club in Bethesda, Maryland. She is a member of the Standard & Poor’s Issuers Advisory Council and the International Women’s Forum. Prior to Marriott, she worked with the Overseas Private Investment Corporation (OPIC) in international project financing lending in emerging markets and Continental Illinois Bank as a commercial loan officer. She has an MBA in Finance from Indiana University and a BA in Economics from Virginia Tech.

Deborah Marriott Harrison
Global Officer
Culture and Business Councils
Deborah Marriott Harrison

Deborah Marriott Harrison, an honors graduate of Brigham Young University, has held several positions within Marriott since 1975, including accounting positions at Marriott Headquarters and operations positions at Key Bridge and Dallas Marriott hotels. She has been actively involved in serving the community through participation on various committees and boards, including but not limited to the Mayo Clinic Leadership Council for the District of Columbia and the boards of the Bullis School, the D.C. College Access Program, and the J. Willard and Alice S. Marriott Foundation. Her extensive knowledge of the Company, its history and its mission, and her strong ties with the community bring valuable experience and insight to Marriott's Government Affairs initiatives. She has also served on the boards of several mental health organizations, including The National Institute of Mental Health Advisory Board, Depression and Related Affective Disorders Association, and the Center for The Advancement of Children's Mental Health in association with Columbia University.

Alex Kyriakidis †
President and Managing Director - Middle East and Africa
Alex Kyriakidis

Alex Kyriakidis is President and Managing Director, Middle East & Africa, for Marriott International, Inc., with responsibility for all business activities in the Middle East & Africa Region (MEA), including operations, sales and marketing, finance and hotel development.

Prior to joining Marriott in January 2012, Mr. Kyriakidis served as Global Managing Director – Travel, Hospitality & Leisure for Deloitte LLP. In this role, Mr. Kyriakidis led the Global Travel, Hospitality & Leisure Industry team, where he was responsible for a team of 4,500 professionals that generated $700 million in revenues.

Mr. Kyriakidis has 38 years of experience providing strategic, financial, M&A, operational, asset management and integration services to the travel, hospitality and leisure sectors. He has served clients in 25 countries, predominantly in the EMEA and Asia/Pac regions.

He is a fellow of the Arab Society of Certified Accountants, the British Association of Hotel Accountants and the Institute of Chartered Accountants in England and Wales.

Mr. Kyriakidis holds a bachelor of science degree in computer science and mathematics from Leeds University in the United Kingdom. He is based in Dubai, United Arab Emirates.

January 2012

Stephanie C. Linnartz †
Executive Vice President and
Global Chief Marketing and Commerical Officer
Stephanie C. Linnartz

Stephanie Linnartz is executive vice president and chief marketing and commercial officer for Marriott International, Inc. She is responsible for providing strategic leadership to the Information Technology, Brand Management, Marketing, eCommerce, Sales, Reservations, Revenue Management, and Consumer Insight functions for the Marriott Hotels, The Ritz-Carlton, JW Marriott, Bulgari, EDITION, Renaissance, Gaylord Hotels, Autograph Collection, AC Hotels by Marriott, Moxy, Courtyard, Fairfield Inn & Suites, SpringHill Suites, Residence Inn, TownePlace Suites, Protea Hotels, and Marriott Executive Apartments brands worldwide.

Ms. Linnartz joined Marriott in 1997 and most recently served as Global Officer, Sales & Revenue Management. She has held various roles throughout her career with Marriott including: Senior Vice President, Global Sales; Senior Vice President, Sales & Marketing Planning and Support; Vice President, Sales & Marketing Channel Strategy & Analysis; Vice President, Revenue Management; Director, Business Transformation and Integration; Director, Development Finance; Manager, Lodging Finance; and Senior Financial Analyst, Lodging Finance and Business Development.

Prior to Marriott, Ms. Linnartz worked for the Hilton Hotels Corporation and held various positions in Sales and Operations in Honolulu, Hawaii and Washington, D.C.

Ms. Linnartz is a graduate of the College of the Holy Cross in Worcester, Massachusetts, holds a masters of business administration from the College of William & Mary in Williamsburg, Virginia, and has completed additional graduate studies at the Norwegian School of Economics and Business Development in Bergen, Norway. Stephanie resides in Chevy Chase, Maryland, with her husband and two young children.

June 2014

Amy C. McPherson †
President and Managing Director - Europe
Amy McPherson

Amy C. McPherson is President and Managing Director of Europe, a Division within Marriott that encompasses the United Kingdom, Ireland and Continental Europe. She is responsible for the performance and growth of the Marriott brand across Europe. Ms. McPherson is also a corporate officer for Marriott International.

Ms. McPherson joined Marriott in 1986 and most recently served as Executive Vice President of Global Sales and Marketing. In this role, she was responsible for the company's global and field sales, marketing, the industry leading Marriott Rewards loyalty program, revenue management, e-commerce, worldwide reservation sales and customer care, and sales channel strategy and analysis.

Other key positions held by Ms. McPherson include senior vice president of business transformation and integration, and vice president of finance and business development.

In November 2005, Ms. McPherson was named one of the top "Women Who Mean Business" by the Washington Business Journal, honoring the region's most influential business women. Prior to joining Marriott, she worked for Air Products & Chemicals in Allentown, Pa.

Ms. McPherson is a graduate of James Madison University and holds a BBA degree in Business Management and Economics, as well as an MBA degree from the College of William & Mary.

Leeny K. Oberg †
Executive Vice President and Chief Financial Officer
Leeny Oberg

Leeny Oberg was appointed as Marriott’s Chief Financial Officer effective January 1, 2016. Most recently, Ms. Oberg was the Chief Financial Officer for Ritz-Carlton since 2013, where she contributed significantly to the brand’s performance, growth and organizational effectiveness.

Previously, Ms. Oberg served in a range of financial leadership positions with Marriott. From 2008 to 2013, she was the company’s Senior Vice President, Corporate and Development Finance, where she led a team which valued new hotel development projects, evaluated merger and acquisition opportunities, prepared the company’s long range plans and annual budgets, and made recommendations for the company’s financial and capital allocation strategy. Ms. Oberg was a key member of the team that executed the spin-off of Marriott's timeshare business in 2011. From 2006 to 2008, Ms. Oberg served in London as Senior Vice President, International Project Finance and Asset Management for Europe, the Middle East and Africa, and also as the region's senior finance executive. Ms. Oberg first joined Marriott as part of its Investor Relations group in 1999.

Prior to joining Marriott, Ms. Oberg held a variety of financial leadership positions with such organizations as Sodexo (previously Sodexo Marriott Services), Sallie Mae, Goldman Sachs and Chase Manhattan Bank.

She earned her Bachelor of Science in Finance/Management Information Systems from the University of Virginia, McIntyre School of Business and received her MBA from Stanford University Graduate School of Business.

Laura E. Paugh
Senior Vice President
Investor Relations
Laura E. Paugh

Laura E. Paugh is Marriott’s Senior Vice President of Investor Relations. Ms. Paugh is a senior strategist with expertise in investor relations, corporate governance and communications. She assisted in the strategic evolution of Marriott from a highly diversified U.S. restaurant, food service and hospitality firm into a global pure-play hotel company through significant acquisitions, dispositions, spin-offs, franchising and industry leading brand segmentation.

Ms. Paugh joined the original Marriott Corporation in 1980 as a financial analyst in Corporate Financing Planning. Before joining Marriott, she held finance positions at Ford Motor Company in Dearborn, MI.

Ms. Paugh was named top Investor Relations Professional for Gaming and Lodging by Institutional Investor magazine in 2012, 2013 and 2014. In 2009, she was named runner-up for Best Investor Relations Officer Mid-Cap and runner-up for Best Overall Investor Relations Program by Investor Relations magazine.

She received a bachelor’s degree in Economics and a MBA degree from the University of Maryland.

September 2014

David A. Rodriguez †
Executive Vice President and
Global Chief Human Resources Officer
David A. Rodriguez

David A. Rodriguez assumed the role of executive vice president – global human resources for Marriott International in 2006. Dr. Rodriguez was appointed a corporate officer in 2000, and in 2004, to the board of directors’ Committee for Excellence that focuses on advancing global diversity and inclusion in the company.

Dr. Rodriguez joined Marriott International and assumed the role of senior vice president - staffing & development in 1998. In 2003, he was appointed executive vice president – human resources for Marriott Lodging. Prior to joining Marriott International, Dr. Rodriguez held various human resources-related positions at Citicorp (now Citigroup) and Avon Products.

Dr. Rodriguez graduated from New York University in 1980 with a bachelor of arts in psychology and in 1987 with a Ph.D. in industrial/organizational psychology. He is on the Board of Directors for Human Resources Policy Association, and a member of The Cowdrick Group, Personnel Roundtable, Advisory Council on Human Resources Management, Society for Industrial and Organizational Psychology and the American Psychological Association.

April 2012

Edward A. Ryan †
Executive Vice President and General Counsel
Edward Ryan

Edward A. “Ed” Ryan assumed the role of executive vice president and general counsel for Marriott International in 2006, and is a senior executive officer of the company.

Mr. Ryan joined Marriott in 1996 and, prior to being appointed general counsel, held several positions in the Marriott law department, including development, asset management, operations, franchising, and corporate transactions. Prior to joining Marriott, Mr. Ryan engaged in private practice in Washington, D.C., first with the firm of Crowell & Moring from 1978 to 1984, and then with Hogan & Hartson (now Hogan Lovells) from 1984 to 1996, where he was made partner in 1989.

Mr. Ryan is a graduate of the University of Pennsylvania, receiving his A.B. summa cum laude in 1975 and his J.D. cum laude in 1978. While attending law school, he was associate editor of the Law Review. Mr. Ryan has been a key contributor to Marriott’s global growth and is highly respected in the field for his industry leadership.

April 2014

Craig S. Smith †
President and Managing Director
Asia Pacific
Craig Smith

Craig Smith is President and Managing Director of Asia Pacific for Marriott International. He is responsible for the strategic leadership of all operational and development functions spanning 15 countries and 11 brands. He oversees more than 190 hotels and 49,000 employees.

Prior to his current position, Craig served two-and-a-half years as President of Marriott’s Caribbean and Latin American region. Before moving to Caribbean and Latin American region in 2011, he was Executive Vice President and Chief Operations Officer for Asia Pacific.

Being the son of an American diplomat, Craig has lived in 13 countries, working in North America, the Caribbean, Latin America, Asia-Pacific, and Australia.

Craig has earned an MBA from the Rotman School of Management at the University of Toronto, an Executive MBA from the University of St. Gallen in Switzerland, an Executive MBA from Sao Paulo Business School, and a Bachelor of Science from Brigham Young University. An alumnus of Harvard Business School, he graduated with the 188th Advanced Management Program.

† Executive officer as defined under the Securities Exchange Act of 1934