Marriott Announces CEO Arne Sorenson's Salary Will Be Suspended for the Rest of the Year and Senior Executives' Salaries Will be Reduced by 50% as the Coronavirus Ravages the Hospitality Industry
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- On an investor call on Thursday, Marriott announced that it will suspend the salaries of its CEO and Executive Chairman for the remainder of 2020 to cut costs amid global hotel closings and low occupancies due to the coronavirus pandemic.
- Marriott will also reduce the salaries of top executives by 50%.
- Marriott expects to furlough tens of thousands of employees in the coming weeks, Craig Karmin reported for the Wall Street Journal.