Marriott Jr. Is New Head of Hotel Chain
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J. Willard Marriott Jr., 53, has been elected chairman of Marriott Corp., succeeding his late father who founded the hotel and restaurant company in 1927.
The senior Marriott was the first chairman of the Washington-based company and held the post until his death Aug. 13. His son was named president in 1964 and chief executive in 1972. The younger Marriott will continue in both jobs as he assumes the title of chairman, the corporation said in a statement issued Thursday. Since J. W. Marriott Jr. took over as president, the company has grown at an annual compounded rate of about 20% in sales, net income, earnings per share and stock price.
In 1964, Marriott had total sales of $84 million and 9,600 employees. The company, which now employs more than 140,000 people, expects 1985 sales to exceed $4 billion.
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