[144] Joint Stock Company Kaspi.kz SEC Filing

Rhea-AI Filing Summary

Marriott International, Inc. (NASDAQ: MAR) filed an 8-K disclosing a planned leadership transition in its finance organization. Chief Financial Officer and Executive Vice President, Development, Kathleen K. Oberg notified the company on 11 July 2025 of her intent to retire. She will step down as CFO immediately after Marriott files its fiscal-2025 Form 10-K and will fully retire on 31 March 2026.

To ensure continuity, the Board has appointed Jennifer C. Mason (age 55) as Executive Vice President & Chief Financial Officer, effective on Ms. Oberg’s hand-over date. Mason is a 25-year Marriott veteran and currently serves as Global Officer, Treasurer & Risk Management (since May 2022). Her previous roles include CFO, U.S. & Canada (2016-2022) and senior positions in IT, sales, audit, and corporate FP&A. She holds a B.S. in Commerce (University of Virginia) and an MBA (Wharton).

The company furnished a press release (Exhibit 99.1) announcing the transition and other leadership moves; no financial statements or guidance updates were provided, and the disclosure is furnished, not incorporated by reference.

• Form type: 8-K, Items 5.02 (Officer changes) & 7.01 (Reg FD).
• No impact on previously issued financial statements.
• No change to trading symbol (MAR) or exchange listing (Nasdaq GS).

While the retirement of a long-standing CFO introduces succession risk, the internal promotion of a seasoned finance executive suggests operational stability and limited disruption to financial policy.

Positive

• Seamless succession plan: Appointment of long-time insider Jennifer C. Mason reduces transition risk and preserves institutional knowledge.
• Extended overlap period: Oberg remains until March 2026, allowing thorough knowledge transfer during FY-25 reporting cycle.

Negative

• Leadership transition risk: Departure of a seasoned CFO who also oversaw global development could introduce strategic uncertainty until successor fully assumes duties.
• No financial guidance provided: Investors receive no clarity on whether the transition affects capital allocation or long-term targets.

Insights

Corporate Governance Expert

TL;DR: Internal CFO succession limits governance risk; neutral financial impact.

The key governance issue in any CFO transition is continuity of oversight over reporting, controls, and capital allocation. Oberg’s notice comes nearly nine months before her retirement, giving the Audit Committee ample time for a structured hand-over through the Form 10-K cycle. Mason’s 25-year tenure, most recently as Treasurer, signals deep familiarity with Marriott’s balance sheet and risk framework. Because the successor is internal and already at EVP level, I do not expect material changes in accounting policies or investor-relations strategy. Consequently, credit agencies and large shareholders are unlikely to adjust ratings or positions strictly due to this announcement.

Portfolio Manager

TL;DR: Management change viewed as continuity move; stock impact minimal.

From an investor perspective, the departure of a respected CFO can be a red flag, but timing after FY-25 filing and multi-month overlap mitigate execution risk. Mason’s background in treasury and North American operations suggests she already drives key financing and cash-return decisions. Unless guidance changes, I see limited near-term valuation effect. I classify the news as operationally neutral, with a slight positive bias toward stability because the company avoids an external search and potential culture clash.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
ADS	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	1050000	85543500.00	190784522	07/14/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
ADS	11/22/2006	Private Placement	Issuer			1050000	11/22/2006	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

Why is Marriott (MAR) filing this 8-K?

To disclose CFO Kathleen Oberg’s planned retirement and the appointment of Jennifer Mason as her successor under Item 5.02.

When will Kathleen Oberg step down as CFO?

Immediately after Marriott files its fiscal-2025 Form 10-K (early 2026 timeframe).

Who is Jennifer C. Mason and when does she become CFO?

Mason is Marriott’s current Treasurer & Risk head; she will become CFO on the same date Oberg steps down.

Does the leadership change affect Marriott’s financial statements?

No. The 8-K states no restatements or revisions; the disclosure is informational only.

Is Marriott providing updated earnings guidance with this filing?

No new guidance or financial data was included in the 8-K.

Where can investors find more details on the transition?

See Exhibit 99.1, the press release dated 14 July 2025, furnished with the 8-K.