ORLANDO, Fla., Sept. 13, 2011-- In
conjunction with the recent filing of Amendment No. 1 to its Form 10
Registration Statement ("Form 10") with the U.S. Securities and
Exchange Commission, Marriott Vacations Worldwide Corporation announces
its future board of directors. Marriott Vacations Worldwide Corporation
expects to become a publicly traded company separate from Marriott
International, Inc. (NYSE: MAR) by year-end 2011, becoming the world's
largest pure-play timeshare company.
The following individuals have agreed to serve as board members for
Marriott Vacations Worldwide Corporation, effective upon its spin-off
from Marriott International:
- Chairman of the Board, William
J. Shaw, retired this year as vice chairman from Marriott
International after 37 years having served in various roles including
president and chief operating officer. He was a senior leader within
Marriott International at the time of the company's entry into the
timeshare industry and remained actively involved in Marriott
International's successful timeshare business over the course of his
career. Today, he is director emeritus of Marriott International's
board of directors, and he serves on the board of trustees of the
University of Notre Dame, the boards of three funds in the American
Family of Mutual Funds and the board of the United Negro College Fund.
- President and Chief Executive Officer, Stephen P. Weisz, is a 39 year
Marriott International associate who has served in various senior
leadership positions. For the past 15 years he has served as president
of Marriott Vacation Club International. He is currently a member of
the board of directors and a trustee of the American Resort Development
Association and also presently serves on the board of trustees for
Children's Miracle Network. Weisz is a graduate of the School of Hotel
Administration at Cornell University and in 2001 received an honorary
doctoral degree in Business Administration from Johnson & Wales
University.
- Deborah Marriott Harrison
is the senior vice president of Government Affairs at Marriott
International. Her strong commitment to the community and her extensive
involvement in government affairs brings valuable insights to Marriott
Vacations Worldwide Corporation which operates in a heavily regulated
industry at both the federal and state level.
- Raymond L. "Rip" Gellein,
Jr. is known for his leadership as chairman and chief executive
officer of Starwood Vacation Ownership, Inc., (formerly Vistana) and
president of the Global Development Group of Starwood Hotels and
Resorts Worldwide. He is a 2008 recipient of the American Resort
Development Association's ACE Lifetime Achievement Award. Gellein also
currently serves as chairman of the board of directors of Strategic
Hotels and Resorts, Inc. (NYSE: BEE).
- Thomas J. Hutchison III
is a senior executive with more than 40 years of experience in the
lodging, hospitality, travel, golf, real estate development and
financial services industries. He has held several key executive
positions over an eight year period of time: chief executive officer of
CNL Hotels & Resorts, Inc., chief executive officer of CNL
Retirement Properties, Inc., chief executive officer of CNL Income
Properties, Inc., chief executive officer of CNL Real Estate Services,
Inc., and chief executive officer of CNL Realty & Development, Inc.
Hutchison is currently a director for KSL Capital Partners LLC,
ClubCorp, Inc., U.S. Chamber of Commerce and the Hersha Hospitality
Trust.
- Melquiades R. (Mel)
Martinez is chairman of Florida, Mexico, Central America and the
Caribbean of JPMorgan Chase & Co. He has been a business and civic
leader and a role model in Florida for decades and has served the
people well at both the local and national level. Martinez is the first
Cuban-American to serve in the United States Senate. He was also
elected Mayor of Orange County, Fla. and was appointed as the 12th
Secretary of Housing and Urban Development under former President
George W. Bush. Martinez currently serves on the boards of Habitat
International, the Central Florida Commission on Homelessness and the
Terwilliger Center for Workforce Housing and the Urban Land Institute.
- William W. McCarten
is chairman of DiamondRock Hospitality Company (NYSE: DRH). He also
served as chief executive officer of DiamondRock Hospitality Company as
well as president and chief executive officer of HMS Host Corporation.
Over the course of his career, he enjoyed 18 years with Marriott
International in a variety of executive level positions. Today,
McCarten is a director of Cracker Barrel Old Country Store, Inc. and a
trustee of The Society for the Protection of New Hampshire Forests. He
has also served on the Jefferson Scholars Foundation National Selection
Committee and the McIntire School of Commerce Advisory Board at the
University of Virginia.
"We are excited to welcome these respected and accomplished individuals
to the board of directors of Marriott Vacations Worldwide," said Mr.
Weisz. "We are looking forward to working with them as they represent
and promote the interests of shareholders with a view toward creating
long-term shareholder value."
About Marriott Vacations
Worldwide Corporation
Marriott Vacations Worldwide Corporation expects to be the world's
largest pure-play timeshare company upon its spin-off from Marriott
International, Inc. Since entering the timeshare industry in 1984,
Marriott earned its position as a leader and innovator in vacation
ownership products. In late 2011, Marriott Vacations Worldwide is
expected to be established as a separate, publicly traded entity
focusing primarily on vacation ownership experiences. The new company
expects to preserve high standards of excellence in serving its
customers, investors and associates while maintaining a unique
relationship to Marriott International, Inc. Marriott Vacations
Worldwide will offer a diverse portfolio of quality products, programs
and management expertise with more than 60 resorts and over 416,000
Owners and Members. Its brands include: Marriott Vacation Club, Grand
Residences by Marriott and The Ritz-Carlton Destination Club.
Note on forward-looking
statements: This press release contains "forward-looking
statements" within the meaning of federal securities laws, including
the information concerning possible or assumed future results of
operations, business strategies, financing plans, potential growth
opportunities, potential operating performance improvements, benefits
resulting from the separation of Marriott International and Marriott
Vacations Worldwide Corporation, and similar statements concerning
anticipated future events and expectations that are not historical
facts. We caution you that these statements are not guarantees of
future performance and are subject to numerous risks and uncertainties,
including changes in market conditions; unanticipated developments that
prevent, delay, alter the terms of, or otherwise negatively affect the
planned spin-off of the timeshare segment, and other risk factors that
Marriott Vacations Worldwide Corporation identifies in its Form 10
registration statement or that Marriott International, Inc. identifies
in its most recent quarterly report on Form 10-Q. Any of these
factors could cause actual results to differ materially from the
expectations we express or imply in this press release. We make
these forward-looking statements as of September 13, 2011. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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