Romney, Shaw Resign from Marriott Board

BETHESDA, Md. ( TheStreet) -- Marriot International ( MAR) announced that politician Mitt Romney and vice chairman William J. Shaw resigned from its board of directors.

Marriott said Wednesday that Shaw's resignation will become effective after the next board meeting's adjournment on Feb. 11, and comes in conjunction with this retirement from Marriott, which is effective March 31.
Mitt Romney

Marriott's president and COO, Arne M. Sorenson, will replace Shaw on the board.

Romney's resignation is effective immediately. The former Massachusetts governor served as a Marriot board director from 1993 to 2002, rejoining in January of 2009.

The board will not replace him but voted instead to reduce its membership to 10 directors, from 11, according to the statement from Marriott.

Marriott CEO J.W. Marriott, Jr. said he has "deep gratitude and tremendous admiration for both Mitt Romney and Bill Shaw. Both have served our company at the highest level through their board membership and their contributions have been invaluable. The company's management and the entire board wish them all the best in their future endeavors.

"At the same time, I am delighted that Arne Sorenson will join our board," he added. "As demonstrated for the past 14 years, including the last year and a half as president and chief operating officer of the company, Arne brings keen intelligence and judgment as well as deep financial and operations expertise to this new role, and I look forward to his counsel and insights as our company continues its global growth."

Marriott shares closed 0.2% higher at $40.82 on Wednesday, and rose 0.4% in after-hours trading.

-- Written by Miriam Marcus Reimer in New York.

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