Marriott Vacations Worldwide (NYSE: VAC) announced that it is eliminating the position of Executive Vice President and Chief Brand and Digital Officer as part of an internal reorganization, effective July 31, 2026.

Lori Gustafson, who currently holds the role, will separate from the company on that date. According to a filing, Gustafson has entered into a separation agreement that includes a severance payment of $1,425,000, representing one and one-half times her 2026 base salary plus her 2026 target bonus.

Gustafson is also eligible to receive an additional payment based on the company's actual performance in 2026. Her outstanding restricted stock units, performance shares, and stock appreciation rights will be treated in a manner consistent with their existing terms.

The benefits are contingent upon Gustafson signing a general release of claims against the company and agreeing to comply with certain restrictive covenants.