Market Overview

Marriott CEO Will Remain On Job While Receiving Cancer Treatment

Marriott CEO Will Remain On Job While Receiving Cancer Treatment

Hotel giant Marriott International Inc (NASDAQ: MAR) said Friday that President and CEO Arne Sorenson will remain on the job while receiving treatment for pancreatic cancer.

What Happened

Sorenson was diagnosed Wednesday with stage 2 pancreatic cancer, and the 60-year old executive will begin chemotherapy treatment next week, the company said. Surgery is planned for the end of 2019.

Sorenson said in a statement that the cancer was discovered early and does not appear to have spread. He said his medical team is "confident" a complete cure is a realistic outcome.

"Let me make one request, look ahead with me. We have great work underway at Marriott. I am as excited by what we can accomplish together as I have ever been," the CEO said in a statement. 

Sorenson has been a part of Marriott's team since 1996. Under his leadership, the hotel chain finalized a $14-billion acquisition of rival Starwood Hotels & Resorts in 2016.

Why It's Important

Pancreatic cancer is one of the deadliest forms of cancer, Bloomberg said. Less than 7 percent of patients survive more than five years after the initial diagnosis, mostly due to the absence of early symptoms.

What's Next

Marriott is scheduled to report its first-quarter results May 10 before the market open. The stock was up 1.54 percent at $139 at the time of publication Friday. 

Related Links:

Marriott Announces Massive Expansion At Investor Day; RayJay Stays Bullish

Analyst: Alternative Accommodation Leaders Will Surpass Top Hotel Chains Volume By 2021

Photo by Sam.meyer.marton/Wikimedia

Posted-In: Arne Sorenson BloombergNews Management Best of Benzinga


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