Marriott International said Monday that Chief Financial Officer Carl Berquist will retire at the end of this year and company veteran Leeny Kelly Oberg will take his place.

Berquist was the hotel chain’s CFO for seven years, during a period of growth when the Maryland-based company acquired several other chains including Starwood Hotels & Resorts Worldwide. He worked at Arthur Andersen for 28 years before joining Marriott as chief accounting officer in 2002.

Oberg is a 16-year Marriott veteran who most recently has been chief financial officer for the Ritz-Carlton Hotel Company, a Marriott subsidiary. She previously held corporate finance positions at Marriott, which owns more than 4,300 hotel properties around the world and reported nearly $14 billion in revenue last year.

Marriott shares fell $1.54 or more than 2 percent on Monday, closing at $69.50 on a day when broader indexes were down less than 1 percent.

Photo Credit: A JW Marriott property in Arizona. Marriott International