What was Arne Sorenson's net worth? Marriott International CEO dies at 62 after battle with pancreatic cancer
The company released a statement and detailed Sorenson’s struggle with pancreatic cancer over the last two years
Arne Sorenson, the first non-family member to become the Chief Executive Officer of Marriott International Inc., has died at 62. The company released a statement and detailed Sorenson’s struggle with pancreatic cancer over the last two years. When Sorenson stepped back from his position, Marriott International tapped two veteran Marriott executives -- Stephanie Linnarts (Group President, Consumer Operations, Technology, and Emerging Business) and Tony Capuano (Group President, Global Development, Design, and Operations Services) to oversee the company’s operations. A new CEO is expected to be announced by the company in the next two weeks.
“It is with profound sadness that Marriott International announces that Arne M. Sorenson, President and CEO, unexpectedly passed away on February 15, 2021. In May 2019, the company announced that Mr. Sorenson had been diagnosed with pancreatic cancer. On February 2, 2021, Marriott shared the news that Mr. Sorenson would temporarily reduce his schedule to facilitate more demanding treatment for pancreatic cancer,” reads the statement.
It is with a heavy heart that Marriott International announces that our beloved President and CEO, Arne Sorenson, passed away unexpectedly yesterday after a fight with pancreatic cancer. https://t.co/jhKkyQF3SP pic.twitter.com/BpHJnWrjy9— Marriott International (@MarriottIntl) February 16, 2021
Who was Arne Sorenson?
Sorenson was born on October 13, 1958, in Tokyo, Japan. Sorenson became the third CEO in Marriott’s history in 2012 and the first without the Marriott family background. In April 2019, he was named “CEO of the Year” for 2019 by Chief Executive Magazine. Sorenson even led Marriott on a trajectory that included a $13-billion acquisition of Starwood Hotels & Resorts.
During his tenure as CEO, Sorenson worked towards the company’s progress by creating opportunities for associates, growth for owners, and franchises for the company’s shareholders. While talking about his work, JW Marriott Jr., Executive Chairman and Chairman of the Board, said that “Arne loved every aspect of this business and relished time spent touring our hotels and meeting associates around the world. He had an uncanny ability to anticipate where the hospitality industry was headed and position Marriott for growth. But the roles he relished the most were as husband, father, brother, and friend.”
Sorenson was a registered Democrat who actively advocated for LGBT rights. He even wrote to former President Donald Trump to encourage him to take a collaborative approach to governance. In a lengthy letter, he talked about initiating a major infrastructure program without “connecting it to the repatriation of foreign earnings or by tying it to some philosophy of privatization of historically government functions”.
In 2019, Sorenson announced that his doctors have confirmed that he had a treatable form of stage two pancreatic cancer and was under observation by the medical team at The Johns Hopkins Hospital. Following successful surgery, he underwent another round of chemotherapy. However, it was revealed by Marriott International in February 2021 that he would be temporarily reducing his working hours as he has decided to spend more time with his family.
Arne Sorenson’s net worth
As per WallMine, the estimated net worth of Arne Sorenson is at least $142 million. Sorenson owned over 100,000 units of Marriott International stock that is worth over $98 million. Over the last 15 years, he sold MAR stock worth over $30 million. In addition to this, he earned over $13 million as President, Chief Executive Officer, and Director at Marriott International in 2019.
After winning the “CEO For All Leadership Award” in 2020, Sorenson announced that he would forgo his salary for the remainder of 2020 to lessen the impact of COVID-19 on Marriott International. Even though Sorenson chose to forego his salary, he never relinquished his compensation based on stock price and even asked for a 7.7 percent raise amid the pandemic.
Sorenson is survived by his wife Ruthe Marie Sorenson and four children, Astri, Esther, Isaac, and Lars.