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Posted 25 July, 2023

MARRIOTT VACATIONS WORLDWIDE Corp appointed new CEO

CEO Change detected for ticker NYSE:VAC in a 8-K filed on 25 July, 2023.


  On July 25, 2023, Marriott Vacations Worldwide Corporation (the "Company") announced that Jason P. Marino has been appointed as the Company's Executive Vice President and Chief Financial Officer, effective September 30, 2023. He will report to John E. Geller, President & Chief Executive Officer of the Company.  

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Overview of MARRIOTT VACATIONS WORLDWIDE Corp
Leisure/Arts/Hospitality • Hotels
Marriott Vacations Worldwide Corp. is a global vacation company engaged in vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. It operates through Vacation Ownership and Exchange & Third-Party Management. The Vacation Ownership segment develops, markets, sells, and manages vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Residence Club brands. The Exchange and Third-Party Management segment consists of exchange networks and membership programs, as well as the management of resorts and lodging properties. The company was founded in 1984 and is headquartered in Orlando, FL.
Market Cap
$3.23B
View Company Details
MARRIOTT VACATIONS WORLDWIDE Corp by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 25, 2023, Marriott Vacations Worldwide Corporation (the "Company") announced that Jason P. Marino has been appointed as the Company's Executive Vice President and Chief Financial Officer, effective September 30, 2023. He will report to John E. Geller, President & Chief Executive Officer of the Company. As previously announced, Mr. Terry will retire from the Company as Executive Vice President and Chief Financial Officer of Marriott Vacations, and his retirement will be effective on September 29, 2023.

Mr. Marino, 47, has served as Senior Vice President, Strategy, FP&A and Operational Finance - Vacation Ownership for the Company since December 2021. He served as the Company's Senior Vice President of Strategy and FP&A from June 2019 to December 2021 and Vice President - Corporate Finance from May 2014 to June 2019. Prior to joining the Company in 2014, Mr. Marino worked at Cantor Commercial Real Estate, L.P. from 2013 to 2014 as Managing Director, Head of Business Development and Corporate Finance. From 2003 to 2013, Mr. Marino worked in the investment banking divisions of Cantor Fitzgerald, Credit Suisse Securities (USA) LLC and Bear, Stearns & Co. Inc., holding positions of increasing responsibility. Mr. Marino earned a Master of Business Administration from the Johnson Graduate School of Management at Cornell University.

There are no arrangements or understandings between Mr. Marino and any other persons pursuant to which Mr. Marino was selected as Executive Vice President and Chief Financial Officer of the Company. There are no family relationships between Mr. Marino and any director or executive officer of the Company, and Mr. Marino has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor are any such transactions currently proposed.

In connection with Mr. Marino's appointment, effective September 30, 2023, he will receive an annual base salary of $475,000, and will be eligible to participate in the Company's bonus program with annual targeted bonus of 100% of his annual base salary. Mr. Marino will receive a grant of restricted stock units equal to $250,000 on November 15, 2023, which will vest on the third anniversary of the date of grant. In 2024, he will be eligible to receive an equity grant of $1 million, to be allocated among restricted stock units, performance-based restricted stock units and stock appreciation rights as determined by the Compensation Policy Committee of the Company's Board of Directors. Mr. Marino also will be eligible to participate in the Company's standard benefits programs.

A copy of the press release announcing these changes is filed herewith as Exhibit 99.1.