Honoring George Floyd with Real Change, a Statement from Marriott

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CEO Arne Sorenson, and addressing the recent events surrounding race in this country, and in his company in a recent linked posts, saying for many years I've tried to use my purchased Marriott to advocate for opportunity for all regardless of race, gender, nationality, or any other point of human difference, each person deserves to be recognized for who we are and respected for common humanity, and the distinct qualities that make us unique joining us right now. Is Arne Sorenson? He is the CEO of Marriott international and Arnie. It's great to see you. Thanks for being with us today. Becky you to. Want to set this against the proper backdrop, obviously, the last several months have been incredibly difficult for everybody in the Travel and leisure industry. You are a global company. You've got more than seven thousand properties, one hundred and thirty one different countries, so you've been watching the arc of this as it all takes place, you've had to close properties. You've had to furlough employees. Where are we right now? How many of your properties are actually still shuttered? How many? Employees. Have you had to furlough? How many have you been able to bring back? Less aggression there, of course, the impact of Covid nineteen has been profound on our business. We've seen. By Revenue Sales, at army tells by ninety percent globally starting of course I in China then moving around the world as we got into March. And are low point. We had about two thousand, nine, hundred seventy five hundred hotels that were closed around the world. We've probably reopened three to four hundred of those I. Think when we look at even in the United States. We see the early signs of recovery, although we've gone from something like minus ninety percent revenue, something like minus eighty percent revenue so well in percentage terms. If you think about it from the bottom is up one hundred percent. is still a long long. Before and we suspect it's going to be. A slow climb beck. Levels we nineteen. So that sets the backdrop for what a difficult several months it's been already and how much you have on your plate. Employees are kind of watching this and not knowing what's happening on, either then you have the civil unrest and the riots that have taken place, and that adds to it so as A. What did this mean? Warning label to do. What are you hearing from your employees? This is obviously a just blew latest reminder, a frustratingly long Sharon criminal justice, particularly for for blacks and urban cities in the United States. where! There is unfairness that is profound, a and I suppose the only thing that are is what positive about this is the availability of cell. And the fact that we can see the outrageous behavior that obviously. Killed George Floyd in Minneapolis. Allows US I think to some sometimes. Put aside your search for him big. Unity Instead, say this is a profoundly unacceptable. And start to turn the corner in eight now. What is it that we can do about it? When I blog about this weekend, of course was was quite personal. I woke up Saturday morning and had this on my mind as everybody did. and. This is something we should communicate about. I'm obviously not black leader in a business community him United States. We have a very diverse work group and wanted to communicate with them like the more I think about it. It is not just a question about what we Mary Do, which is really the focus of blog, but recognize that what any individual company can do is simply not enough. We've gotTA. Find a way to. Make a dramatic more progress can. Is Space than any single company? Can You well what does that translate into in real terms? Arnie we, all the conversations are underway in a number of different organizations, so the VRT for Jampel is is talking about fitness a real time as we speak. I think many of us are are using our networks, folks both inside and outside our companies to. Talk about places we can make a difference I think I. Think and must each of us do what we can with our workforce and with our partnerships, unity's where we do business, but I think that we can band together also through outfits like the Bart recognized that we've got to work on criminal justice issues which. Company can't do probably ending together and advocating. Criminal Justice around educational opportunity around access to healthcare around access to financial resources. These are for big areas that. Collectively. We can push for not just. What can we do as companies, but what can we? Help implement in the policy space. To to put this outrageous behavior bindis. SAY THAT! These are real time conversations that are happening with you and your peers at the Business Roundtable How quickly do you think that this is something that can, it can translate into action. We had Randal Stevenson a former head of the business roundtable on earlier this week, and he said that look when any of these big companies kind of put their mind to it, they they can have a significant amount of say in policy in Washington and that we've seen it happen time and time again. For issues that are near, and dear to any of these individual companies, hearts or that make a real difference for business business doesn't work free markets don't work in an environment where a large class of our people are perceiving and experiencing injustice, so we have an imperative to begin to use our muscle and are influenced to begin to affect policy change to address this. That this is something where? This is a moment that all of these companies are going to stick with us and say that this A. An agenda that has to carry down I do I do it again. By suggesting for a second, Bart ought to band together and use its force together. I'm not crying. Excuse the conduct that any individual company will be we will continue to be very active in this space as myriad, but I think collectively would be that much louder and I think the Bart and other organizations will move very quickly and will not let up on this. I think our employees basis demand. I think society demands it. I think fundamental aspects of fairness and the importance of opportunity. demands it and I think as a consequence. Is this event I? Don't know whether you had a chance to see prisoner after noon. But one of the things that I found some

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