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Global Business Travel Group, Inc. (GBTG) is a leading business-to-business (B2B) software and services company specializing in travel, expense, and meetings & events sectors. The company provides technology-enabled solutions to business travelers, corporate clients, travel content suppliers, and third-party travel agencies. GBTG sells travel management solutions, client-facing platforms, and access to a proprietary marketplace for business travel.
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Travel Revenues - Generates fees from business clients and travel suppliers for servicing travel transactions such as air, hotel, car rental, rail, or other travel-related bookings, cancellations, exchanges, or refunds.
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Products and Professional Services Revenues - Includes revenues from clients, travel suppliers, and Network Partners for using GBTG's platform, products, and value-added services.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Paul Abbott ExecutiveBoard | Chief Executive Officer (CEO) | Paul Abbott has served as the CEO of Global Business Travel Group, Inc. since May 27, 2022. He previously led GBT as CEO from October 2019 until May 27, 2022 and brings broad leadership experience from his roles at American Express and British Airways. | View Report → | |
Alexander Drummond Executive | Chief Strategy Officer | Chairman of the Board of American Express Carte France | Alexander Drummond serves as the Chief Strategy Officer at GBTG since July 2021 and is also a nominated Class II director with a term expiring in 2027. Previously, he was Managing Director and Partner at Boston Consulting Group leading Payments and Transaction Banking initiatives. | |
Andrew George Crawley Executive | President | Non-Executive Director at Travelopia | Andrew George Crawley has served as President of Global Business Travel Group, Inc. since January 2023. He previously held the role of Chief Commercial Officer from April 2020 through January 2023 (officially starting on May 27, 2022). | |
David Thompson Executive | Chief Technology Officer | David Thompson is the Chief Technology Officer at GBTG since May 27, 2022. Previously, he served as the Chief Information Technology Officer at GBTG since November 2017 and held executive roles at companies such as Western Union, Symantec, Oracle, and PeopleSoft, as well as serving on the board of CoreSite Realty Corp. | ||
Eric J. Bock Executive | Chief Legal Officer, Global Head of M&A, Compliance & Corporate Secretary | Eric J. Bock has been serving as GBTG's Chief Legal Officer, Global Head of M&A, Compliance & Corporate Secretary since May 27, 2022. Previously, he held a similar role at GBTG starting in October 2014 and has extensive experience in legal and corporate governance roles with companies such as Travelport Worldwide Limited and Cendant Corporation. | ||
Karen Williams Executive | Chief Financial Officer (CFO) | Karen Williams serves as the Chief Financial Officer (CFO) at Global Business Travel Group, Inc. since July 1, 2023. Previously, she was the Senior Vice President-Deputy Chief Financial Officer starting in May 2022. | ||
Mark Hollyhead Executive | Chief Product Officer & President of Egencia | Mark Hollyhead has served as Chief Product Officer & President of Egencia since September 2022. He brings over 30 years of experience in travel and telecommunications, having previously held executive roles including President of Egencia and Global Chief Operating Officer at GBTG. | ||
Patricia Anne Huska Executive | Chief People Officer | Patricia Anne Huska has been the Chief People Officer at GBTG since May 27, 2022, after serving as Vice President of Global Human Resources. She is recognized for her expertise in talent management, HR integration, and mergers and acquisitions from her previous roles, including 20 years at American Express. | ||
Eric Hart Board | Member of the Board of Directors | Eric Hart has served as a board member at GBTG since May 27, 2022. He has extensive experience in corporate finance and strategy, previously serving as CFO and Acting CFO at Expedia Group. | ||
Gloria Guevara Manzo Board | Member of the Board of Directors | Chief Special Advisor for the Ministry of Tourism of Saudi Arabia | Gloria Guevara Manzo has served as a board member at GBTG since May 27, 2022 and as a member of the Compensation Committee. She has wide-ranging experience in the travel and tourism industry, currently serving as Chief Special Advisor for the Ministry of Tourism of Saudi Arabia since May 2021 and previously acting as President and CEO of the World Travel & Tourism Council from August 2017 to May 2021. | |
Itai Wallach Board | Member of the Board of Directors | Partner in the Private Equity group at Apollo; Board member at Arconic; Board member at Cengage Group | Itai Wallach has served as a member of the board of GBTG since May 27, 2022 and is a partner in Apollo’s Private Equity group since 2012. | |
James Bush Board | Member of the Board of Directors | Valley Health System - Board of Trustees and President’s Council ; Jupiter Medical Center - Corporate Board ; Rider University - Board of Trustees ; Penn State University - Global Policy Forum | James Bush has served as a member of the GBTG Board of Directors since May 27, 2022 , and brings over three decades of experience including a senior executive role at American Express. | |
Kathleen Winters Board | Member of the Board of Directors | Member of the Board of Directors and Audit Committee of Definitive Healthcare | Kathleen Winters has served on the Board of Directors of Global Business Travel Group, Inc. since May 27, 2022. She has extensive experience in corporate finance, including serving as CFO at ADP from 2019 to 2021. | |
Michael Gregory (Greg) OHara Board | Chairman of the Board of Directors | Founder and Senior Managing Director of Certares Management LLC ; Board Member at Certares Holdings ; Board Member at CK Opportunities Fund ; Board Member at Certares Real Estate Holdings ; Board Member at Tripadvisor (Nasdaq: TRIP) ; Board Member at Hertz Global Holdings (Nasdaq: HTZ) ; Board Member at Singer Vehicle Design ; Board Member at the World Travel & Tourism Council | Michael Gregory (Greg) O’Hara has served as Chairman of the Board of Directors at GBTG since May 27, 2022. Previously, he served as Chairman of GBT JerseyCo from June 2014 until the Business Combination on May 27, 2022 and is the Founder and Senior Managing Director of Certares Management LLC since 2012. | |
Raymond Donald Joabar Board | Board Member of the GBTG Board of Directors | Group President, Global Merchant & Network Services at American Express; Board Member, Lincoln Center Theatre; Board Member, American Associates of the National Theatre | Raymond Donald Joabar joined GBTG as a board member on May 27, 2022 after previously serving on the board of GBT JerseyCo from October 2019 until the Business Combination. He brings extensive experience in risk management and strategic growth from his role as Group President of Global Merchant & Network Services at American Express, as well as his board memberships with Lincoln Center Theatre and the American Associates of the National Theatre. | |
Susan Ward Board | Member of the GBTG Board of Directors | Board Member at Saia, Inc.; Board Member at Ecovyst Inc. | Susan Ward serves as a board member and the Chair of the Audit and Finance Committee at GBTG since May 27, 2022, and she has over 25 years of experience in finance and accounting including prior service on the GBT JerseyCo Board of Directors. | |
Ugo Arzani Board | Board Member | Ugo Arzani was appointed to the Board of Directors of GBTG on February 27, 2025 as a non-employee director, filling vacancies on the Board and its Committees. No additional background or prior roles were disclosed. |
- Given that you don't disclose government travel percentages, can you clarify how shifts in that smaller segment might unexpectedly impact your overall revenue yield and margin performance?
- You noted a slight downtick in global multinational new wins alongside a modest uptick in SME wins; can you elaborate on the specific market dynamics or operational challenges driving these divergent trends and their potential long-term impact on growth?
- With a reported 15 basis point decline in revenue yield driven by the fixed revenue component despite robust TTV growth, what strategies are you implementing to prevent potential margin compression in an increasingly volatile pricing environment?
- Considering your guidance includes onetime M&A expenses and higher CapEx, how do you plan to mitigate the pressure on reported free cash flow while maintaining strong underlying cash generation?
- In light of the ongoing DOJ challenge and potential delays in closing the CWT acquisition, how do you foresee this impacting your capital allocation strategy and shareholder return plans, and what contingencies are in place if further delays occur?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
CWT Holdings, LLC | 2025 | GBTG acquired CWT Holdings, LLC for approximately $570 million (cash-free and debt-free), financed with cash and about 72 million Class A shares at $6.00 per share. The deal is structured as a two-step merger with multiple amendments to extend its completion deadline, and it has received CMA approval while facing DOJ litigation that could affect its finalization. |
Recent press releases and 8-K filings for GBTG.
- Amex GBT announced amendments to its merger agreement with CWT, revising several key terms of the original deal.
- The amended terms set a revised CWT valuation at approximately $540 million, with a fixed stock price of $7.50 per share, resulting in the issuance of about 50 million shares and an additional $70 million cash component.
- The agreement also extends the transaction's critical deadline to December 31, 2025, and includes a $25 million termination fee if the merger fails to close under specific conditions.
- CMA Approval Received: The company secured approval from the UK Competition and Markets Authority to complete its proposed acquisition of CWT Holding, LLC.
- Ongoing Legal Defense: The company is defending against a lawsuit by the U.S. Department of Justice’s Antitrust Division regarding the acquisition.
- Q4 2024: Achieved $591M in revenue (up 8% YoY) and $110M Adjusted EBITDA (up 39% YoY) with margin expansion to 19% (~300 bps)
- Full-Year 2024: Generated $2.42B in revenue (up 6% YoY), $478M Adjusted EBITDA (up 26% YoY), delivered $165M in free cash flow, and posted customer retention rates of 97%-99%
- 2025 Guidance: Projects 5%-7% revenue growth and an increase in Adjusted EBITDA of 11%-17% to a range of $530–$560M, leveraging technology investments and operating leverage
- Shareholder Initiatives: Authorized a $300M share buyback with flexibility for future M&A opportunities
- Cost Efficiency: Achieved over $100M in cost savings in Q4
- Financial Position: Maintained a leverage ratio of 1.8x, reducing it to below 2x
- GBTG announced that the UK's Competition and Markets Authority has provisionally cleared its proposed acquisition of CWT, with the final decision expected by March 9, 2025.
- The company is concurrently defending itself against a lawsuit initiated by the U.S. Department of Justice, seeking to block the transaction.
- Updated Credit Agreement: Global Business Travel Group, Inc. filed its 8-K on February 4, 2025, to announce an amended and restated credit agreement originally dated July 26, 2024, which has been updated with Amendment No. 1, addressing refinancing of its term loans.
- Key Financial Provisions: The amendment outlines the use of credit facility proceeds to refinance existing term loans, pay associated fees and expenses, and confirms adherence to financial covenants and regulatory requirements.
- Global Business Travel Group, Inc. filed an 8-K on January 17, 2025, disclosing an amendment to its Agreement and Plan of Merger with affiliated parties including CWT Holdings, LLC and related merger subsidiaries.
- The amendment revises the Drop Dead Date in the merger agreement, replacing the previous date with the earlier of March 17, 2025 or ten business days after the issuance of the CMA’s final report.