Bill Marriott plans to retire in May as executive chairman of Marriott International Inc. and will not stand for reelection to the board, decades after he guided what was once a family-run root beer stand into one of the world’s largest hospitality companies.

The board of the Bethesda company has elected David Marriott to succeed Bill Marriott, who will be designated chairman emeritus effective immediately following the company’s upcoming annual meeting, Marriott (NASDAQ: MAR) said in a Monday announcement. He steps down as planned from a company that, from the perch of its new headquarters in downtown Bethesda, now comprises nearly 8,000 properties across 30 brands in 139 countries and territories.

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