Marriott's CEO has died from pancreatic cancer

• Marriott on Tuesday announced the death of its CEO, Arne Sorenson.
• The chief executive had pancreatic cancer, the company said.
• Marriott said it would appoint a new CEO in the next two weeks.

Marriott International chief executive Arne Sorenson, who was undergoing treatment for pancreatic cancer, has died at age 62, the company said on Tuesday.

The first non-family member to head the hotel chain, Sorenson had earlier this month stepped back from the full-time role to treat the cancer, which was diagnosed in 2019.

Marriott said he died on Monday and that it would appoint a new CEO in the next two weeks.

Sorenson took charge in March 2012 and led the $13 billion acquisition of Starwood Hotels and Resorts in 2016, which resulted in Marriott becoming the world's biggest hotel chain with over 1 million rooms.

"He had an uncanny ability to anticipate where the hospitality industry was headed and position Marriott for growth," Executive Chairman JW Marriott Jr. said in a statement.

During Sorenson's tenure the company's shares jumped 242%, despite the 15% dent over the past year because of the coronavirus crisis that brought travel to a near halt.

In his absence, Stephanie Linnartz, group president of consumer operations, is overseeing the company's lodging division, while Tony Capuano, group president for global development, is in charge of the US and Canada lodging business.

"Given the leadership of the Marriott family and of Arne, the executive bench at Marriott is arguably the strongest in the industry and will have the knowledge and leadership to carry on the Marriott way," Macquarie Research analyst Chad Beynon said.

"During his tenure as CEO, Mr. Sorenson was tireless in driving the company's progress, creating opportunities for associates, growth for owners and franchisees, and results for the company's shareholders," the company said in a news release.

In a 2017 interview, Sorenson told Insider that he spent about 200 days a year travelling to company properties. He also discussed encroaching competition from Airbnb, three years before the startup would go public and reach a valuation nearly triple that of Marriott during the pandemic.

"In many respects, they are selling a different product," he said at the time. "At least in the first phase of its business, it was different. It was home sharing - literally an extra bedroom or an extra couch. The other thing it offers, which is attractive to many, is it can be cheaper. So partly it's the shared economy and the different experience, and partly it's a pure cost issue. Both are areas where we need to compete."

"We have never been the cheapest room in a market," he continued. "We don't aspire to be. So how do you not be the cheapest? That's around product quality, service, and location, and we'll continue to do those things."