Old Apr 13, 20, 1:24 pm
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Join Date: Dec 2002
Location: Marietta, Georgia, United States
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Originally Posted by Intl359Widget View Post
It's disgusting to see how the CEO is getting a 7.7% pay raise and bonuses during this pandemic...
I must be misreading something here.

The following statement is from page 34 of the actual filing to the Securities and Exchange Commission of the United States by Marriott International, Incorporated:
“At its meeting in February 2020, following a comprehensive review of market data, the Committee determined to increase the base salaries by 7.7% for Mr. Sorenson and by approximately 3% for the other NEOs. The increase for Mr. Sorenson was the first increase to his base salary since 2017. However, in March 2020, in light of the rapidly evolving coronavirus (COVID-19) situation, the Committee discussed with management the appropriateness of adjusting senior executive compensation as part of the Company’s numerous initiatives to mitigate the negative financial and operational impacts of COVID-19. Mr. Sorenson recommended that he receive no base salary (except as necessary for benefit deductions) for the remainder of the year and the other NEOs requested, and Mr. Sorenson recommended, that they receive 50% of their base salary for the remainder of the year, in each case beginning in April 2020. The Committee and Board accepted these recommendations.”
The base salary of Arne Sorenson is $1,300,000.00 per year, which he is foregoing for the rest of the year; so he is not going to receive that increase of 7.7 percent during the pandemic.

Nothing has been said about the remainder of his $13,435,887.00 in total compensation, which is found on page 44 of the aforementioned document...

...and here is another little tidbit, which is found on page 54:
“The 2019 annual total compensation of the median compensated employee was $38,878; Mr. Sorenson’s 2019 annual total compensation was $13,435,887, and the ratio of these amounts was 1-to-346.”
While I do not defend Arne Sorenson and believe that he should voluntarily give up or donate more of his compensation in addition to his base salary, we need to get the facts straight. Did the article in The New York Times fail to do this; or am I misreading it?
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