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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Marriott International    MAR

MARRIOTT INTERNATIONAL

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Marriott International : Announces Alex Kyriakidis to Step Down as President of Middle East & Africa; Transition to the Role of Executive Advisor

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09/12/2019 | 03:47am EDT

Marriott International, Inc. (NASDAQ: MAR) announced today that Alex Kyriakidis, President and Managing Director of the company's Middle East & Africa division, will transition from the position effective 31 December 2019 to take up an executive advisory role for the company.

"As Marriott's head of Middle East & Africa, Alex has, in a short amount of time, propelled the company to new heights," said Arne Sorenson, President and Chief Executive Officer, Marriott International. "His passion, tenacity and global mindset have driven our growth in the region. During his tenure, Marriott's presence in MEA has grown seven-fold to 264 properties, with the number of associates exceeding 60,000."

Kyriakidis joined Marriott eight years ago as Marriott International's first leader of MEA under the company's newly established continent structure which created four continental operating divisions. During Kyriakidis' tenure, Marriott's presence in MEA grew from 37 hotels in 10 countries and territories to 264 properties in 30 countries and territories, with a signed pipeline of 184 hotels.

Prior to joining Marriott, Kyriakidis spent over 38 years providing strategic, financial, M&A, operational, asset management and integration services to organizations in the travel, hospitality and leisure space as Global Managing Director - Travel, Hospitality & Leisure for Arthur Andersen and then Deloitte LLP. During his years at Deloitte, Marriott was Kyriakidis' client for three decades.


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Alex Kyriakidis

Under Kyriakidis' leadership, Marriott developed a hospitality training program in the Middle East in response to a growing need for talent within the industry. "Tahseen," an Arabic word which means to improve, enhance or enrich, focuses on fast tracking the next generation of hospitality leaders from Egypt, Oman, Bahrain, the United Arab Emirates and the Kingdom of Saudi Arabia by providing them with firsthand experience and a springboard to launch successful careers in the industry.

"The Tahseen program is an excellent example of how Alex viewed the impact Marriott could have in the Middle East," Sorenson said. "For Alex, success in the region couldn't solely be defined by hotel growth - it needed also to generate opportunities for people to grow careers in hospitality. Alex leaves us on a strong path for continued growth in the years ahead and with a rich and lasting legacy in this region."

Kyriakidis will lead the Middle East & Africa region for Marriott International through the end of the year and then will step into an executive advisory role for the company. The company anticipates announcing its plans for the region shortly.

Kyriakidis is a Fellow of the Arab Society of Certified Accountants, a Fellow of the British Association of Hotel Accountants, and a Fellow of the Institute of Chartered Accountants in England and Wales. Kyriakidis holds a Bachelor of Science degree in computer science and mathematics from Leeds University in the United Kingdom. He is based in Dubai, United Arab Emirates.

Note on Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of federal securities laws, including the number of lodging properties the company may add in the future, and similar statements concerning possible future events or expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including changes in market conditions; changes in global and regional economies; supply and demand changes for hotel rooms; competitive conditions in the lodging industry; relationships with clients and property owners; the availability of capital to finance property growth and refurbishment; and other risk factors that the company identifies in its most recent annual report on Form 10-K or quarterly report on Form 10-Q; any of which could cause actual results to differ materially from the expectations we express or imply here. We make these statements as of the date of this press release, and we assume no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

About Marriott International
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,000 properties under 30 leading brands spanning 132 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company now offers one travel program, Marriott Bonvoy™, replacing Marriott Rewards®, The Ritz-Carlton Rewards®, and Starwood Preferred Guest®(SPG). For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.

Media Contact
Sarah Walker-Kerr
+971 562160815
Sarah.walkerkerr@marriott.com

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Marriott International Inc. published this content on 12 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 September 2019 07:46:02 UTC

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Financials (USD)
Sales 2019 21 025 M
EBIT 2019 2 747 M
Net income 2019 1 636 M
Debt 2019 10 604 M
Yield 2019 1,41%
P/E ratio 2019 26,0x
P/E ratio 2020 19,6x
EV / Sales2019 2,55x
EV / Sales2020 2,46x
Capitalization 43 001 M
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Number of Analysts 27
Average target price 139,21  $
Last Close Price 130,56  $
Spread / Highest target 38,6%
Spread / Average Target 6,62%
Spread / Lowest Target -4,26%
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Managers
NameTitle
Arne M. Sorenson President, Chief Executive Officer & Director
John Willard Marriott Executive Chairman
Raymond Bennett Chief Global Officer- Global Operations
Kathleen Kelly Oberg Chief Financial Officer & Executive Vice President
Bruce Hoffmeister Global Chief Information Officer
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