Hyatt Hotels to Transition Chief Financial Officer; Patrick Grismer to Step Down to Be Succeeded by Joan Bottarini
Hyatt Hotels Corporation (NYSE:H) has announced that Patrick Grismer has resigned as chief financial officer, effective November 2, 2018, in order to assume the CFO position at Starbucks Corporation. Upon his departure, Grismer will be succeeded by Joan Bottarini, currently senior vice president of finance for the Americas at Hyatt.
Bottarini has been with Hyatt since 1999 and held a number of finance positions over her career, including vice president of hotel finance for Asia Pacific, vice president strategic financial planning and analysis, and director financial communications.
“We are grateful for Pat's many contributions to Hyatt, particularly his efforts to refine our growth strategy, clarify our investor narrative and elevate the Finance function through focused leadership development,” said Mark Hoplamazian, chief executive officer, Hyatt. “Pat was instrumental in evolving our capital strategy while sustaining a high rate of growth and increasing shareholder capital returns. We understand his decision to pursue a new opportunity and wish him the best in his new role.”
Grismer said, “I would like to thank Mark, Hyatt's Board of Directors and my colleagues around the world for the outstanding support they have provided, and I look forward to maintaining our relationships in the years ahead. I am proud of what we accomplished during my tenure at Hyatt. The company has exceptionally talented executives, including Joan, and I am confident that Hyatt is well positioned for continued growth and success.”
Hoplamazian continued: “I am thrilled to welcome Joan onto the executive team in the key role of CFO. I have had the pleasure of working directly with Joan for many years, and I have every confidence that with her leadership, we will build on the company's strength and momentum.”
“I am honored to be joining the executive team as Hyatt's new chief financial officer,” said Bottarini. “Over the course of my career, I have had the great benefit of being mentored by Pat and other leaders, which is a hallmark of the Hyatt family. I am eager to continue to build on our finance team leadership development efforts around the world as we remain focused on building value for our shareholders.”
The company reaffirmed its full-year 2018 Outlook provided on October 1, 2018.
The term “Hyatt” is used for convenience to refer to Hyatt Hotels Corporation, one or more of its affiliates, and/or one or more Hyatt hotels. Some of these positions will be at hotels managed by Hyatt while other positions may be at hotels franchised by Hyatt and/or where a third party is the employer. It does not refer to the Hyatt Hotels Foundation. Please note that all hiring by Hyatt hotels is subject to applicable law, which may include without limitation non-discrimination and minimum age requirements.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
