Marriott’s Next CEO Faces Uncharted Recovery Following $267 Million Annual Loss
Photo Credit: Marriott faces a winding road to recovery due to flare-ups of the virus around the world. Flickr / VisitPlano
Skift Take
Marriott's next CEO won't get to celebrate the new job for long. The company faces continued uncertainty in its recovery timeline due to sporadic virus surges around the world, even in the most successful mainland Chinese market.
The world’s largest hotel company hit a financial roadblock in its pandemic recovery at the end of 2020, yet another sign positive momentum is hard to maintain in the ongoing health crisis.
Marriott International, still reeling from the passing of its CEO Arne Sorenson Monday, posted a $267 million loss for 2020 — its first annual loss since the 2009 financial crisis — and $164 million loss for the fourth quarter. The financial loss is a setback for the company, which managed to achieve a $100 million profit in the previous quarter.
Rising case counts around the world over the winter and heightened travel restrictions — even in China, the country leading the recovery for Marriott and the greater hotel industry — led to the decline. It is a reminder Sorenson’s successor is facing years of recovery efforts on day one of the job.
A decision on the next CEO, widely expected to be one of the two people currently sharing acting CEO duties, is expected within the next two
