Andrew Crawley
About Andrew Crawley
Andrew George Crawley (age 58) is President of Global Business Travel Group, Inc. (GBTG) since January 2023; previously Chief Commercial Officer (May 2022, and Legacy GBTG CCO since April 2020). He holds a BSc from London University (QMC) and completed the Advanced Management Program at Harvard Business School; he is also a non-executive director of Travelopia (KKR) . Under his tenure, FY2024 delivered revenue of $2.42B (+6% YoY), Adjusted EBITDA of $478M (+26% YoY) with 310 bps margin expansion to 20%, and Free Cash Flow of $165M (+235% YoY) . Shareholder return (value of $100 invested at listing) reached $111 in 2024 versus $77 in 2023 and $81 in 2022, while Adjusted EBITDA increased to $478M in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IAG Management Committee | Member | Jan 2016–Mar 2020 | Senior group leadership at International Airlines Group (IAG) |
| IAG Loyalty | CEO & Chairman | — | Led loyalty business; board leadership |
| IAG Cargo | CEO | — | Led cargo operations |
| British Airways plc | Chief Commercial Officer; Executive Board Member | — | Commercial leadership; board-level oversight |
| British Airways Holidays | Chairman | — | Oversight of BA Holidays |
| OpenSkies (BA subsidiary) | Chairman | — | Leadership of BA’s French airline subsidiary |
| Avios Group Ltd | Board Member | — | Loyalty program governance |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Travelopia (KKR portfolio company) | Non-Executive Director | — | Current external directorship |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 806,000 | 806,000 | 832,000 |
| Target Bonus (% of Base) | 100% | 100% | 100% |
| Max Bonus (% of Base) | 200% | 200% | 200% |
| Perquisites | UK pension cash allowance equal to 8% of base salary, net of 14.3% NI; annual car allowance £11,900 | Same provisions | Pension cash allowance $57,042; car allowance $14,592 [10] |
| One-time Sign-on/Make-Whole | £486,780 cash sign-on paid May 31, 2020 (clawback if departed before Apr 1, 2021) | — | — |
Performance Compensation
Annual Incentive Plan (AIA) – Company Metrics (FY2024)
| Metric | Weighting | Target | Actual | Payout Assessment |
|---|---|---|---|---|
| Adjusted EBITDA ($) | 45% | $450M | $478M | Above target |
| Cash from Operations less Capex ($) | 25% | $120M | $165M | Above target |
| Client NPS | 5% | Target level | Exceeded maximum level | Exceeds target |
| Net Win-Loss Volume | 5% | Target level | Exceeded target level | Exceeds target |
| Sustainability | 5% | SAF/Accreditations | Exceeded targets (EcoVadis Platinum; 750k gal SAF; emissions-based pricing launch) | Exceeds target |
| Employee Engagement | 5% | Best-in-class standard | Exceeded objective | Exceeds target |
| Inclusion | 5% | Best-in-class standard | Exceeded maximum level (+7 pts) | Exceeds target |
| High-Performing Talent Attrition | 5% | Low attrition | Exceeded maximum level | Exceeds target |
| Overall Plan Achievement | — | — | 133% of AIA targets | Drives above-target payouts |
Annual Incentive Outcome – Andrew Crawley (FY2024)
| Component | Value |
|---|---|
| Bonus Target (% of Base) | 100% |
| Combined Performance Rating Factor | 150% |
| Bonus Paid (% of Base) | 150% |
| Cash Bonus ($) | $1,223,333 |
| Non-Equity Incentive Plan Compensation ($) | $1,262,927 |
Long-Term Equity Awards – RSUs
| Grant Date | Award Type | Shares | Grant-Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| Mar 6, 2024 | RSUs | 517,241 | 2,849,998 | One-third vests on Mar 1 of 2025, 2026, 2027 |
| 2023 Awards (outstanding at 12/31/24) | RSUs | 313,480 | — | One-third vests on Mar 1 of 2024, 2025, 2026 |
| 2022 Awards (outstanding at 12/31/24) | RSUs | 175,809 | — | One-third vests on Jan 26 of 2024, 2025, 2026 |
Notes:
- No stock options were granted in 2024; program shifted to RSUs, with performance-based stock awards to be introduced starting in 2025 .
- Executive compensation program emphasizes at-risk pay and double-trigger CIC vesting; hedging and pledging prohibited .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (shares) | 565,302 (represents less than 1% of outstanding shares) |
| Shares Outstanding (Record Date) | 478,702,748 |
| Ownership as % of Shares Outstanding | <1% (as denoted “*”) |
| Unvested RSUs Outstanding (12/31/24) | 517,241; 313,480; 175,809 |
| Options (Exercisable/Unexercisable) | None disclosed for Crawley |
| 2024 RSU Market Value (12/31/24) | $4,799,996 (517,241 × $9.28) |
| 2023 RSU Market Value (12/31/24) | $2,909,094 (313,480 × $9.28) |
| 2022 RSU Market Value (12/31/24) | $1,631,508 (175,809 × $9.28) |
| 2024 Shares Vested | 439,955 shares; $2,807,978 value realized |
| Stock Ownership Guidelines | 3× base salary for executive officers; five-year compliance window; 50% net shares retention until in compliance |
| Compliance Status | All current NEOs met guidelines as of Record Date |
| Hedging/Pledging | Prohibited under Insider Trading Policy |
Employment Terms
| Component | Key Terms |
|---|---|
| Employer/Agreement | GBT Travel Services UK Limited; Employment agreement dated Nov 26, 2019, amended Dec 2, 2021 |
| Role & Tenure | President since Jan 2023; previously CCO (Legacy GBTG since Apr 2020) |
| Contract Term/Termination | Agreement remains in effect; terminable by either party; historical provision allowed termination upon 26 weeks’ notice per 2022 proxy |
| Base Salary | Starting annual base salary £650,000; 2024 base $832,000 |
| Target/Max Bonus | 100% target; 200% max |
| Pension/Perquisites | Annual pension cash allowance equal to 8% of base salary net of 14.3% NI; annual car allowance £11,900 |
| Restrictive Covenants | Protection of confidential information/IP ; equity awards subject to one-year post-termination non-compete and non-solicit of customers, vendors, employees |
| Severance (Non-CIC) | 12 months base salary; target bonus; pro-rated bonus (target for Crawley); up to 12 months health benefits |
| Severance (CIC window) | Above plus lump sum equal to one times base salary and one times target bonus; additional health benefits up to 18 months for Crawley |
| Illustrative Severance (Assumed 12/31/24 event) | Non-CIC total $6,379,213; CIC total $13,519,984; Death $9,340,598; Disability $6,379,213 (includes RSU vesting treatments) |
| Equity Treatment | Non-CIC: RSUs scheduled during severance period continue to vest; CIC: immediate vesting upon termination within 18 months after CIC; death immediate vest; disability next tranche vests |
Multi-Year Compensation (Andrew Crawley)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 806,000 | 806,000 | 832,000 |
| Bonus ($) | 1,000,000 | 1,000,000 | 500,000 |
| Stock Awards ($) | 2,999,992 | 4,874,996 | 2,849,998 |
| Non-Equity Incentive Plan Comp ($) | 1,180,043 | 1,109,591 | 1,262,927 |
| All Other Compensation ($) | 69,395 | 69,395 | 71,634 |
| Total ($) | 6,055,430 | 7,859,982 | 5,516,559 |
Governance, Peer Benchmarking, and Say-on-Pay
- Executive compensation philosophy emphasizes at-risk pay, diversified STIs, stock ownership guidelines, clawbacks, and double-trigger CIC vesting; hedging/pledging prohibited .
- Peer group (unchanged from prior year, minus Black Knight): Bread Financial, Broadridge, CBIZ, Choice Hotels, Conduent, CSG Systems, ExlService, Hilton Grand Vacations, Hyatt, KBR, Marriott Vacations, Paychex, Sabre, Travel + Leisure, Tripadvisor, TTEC, Twilio, WEX .
- 2024 say-on-pay approval exceeded 99% of votes cast .
Investment Implications
- Pay-for-performance alignment: AIA weighted 70% to financials and achieved 133% vs targets; Crawley’s 150% of target payout reflects strong execution on EBITDA and cash generation, aligning incentives to earnings quality and FCF .
- Retention risk: Material unvested RSUs across 2024/2023/2022 grants with three-year vesting and one-year post-termination non-compete/non-solicit support retention; double-trigger CIC acceleration mitigates change-of-control flight risk .
- Insider selling pressure: 439,955 shares vested in 2024 ($2.81M value), creating potential supply; mitigated by stock ownership guidelines and prohibition on hedging/pledging .
- Alignment and governance: No excise tax gross-ups, clawback policies (Dodd-Frank and discretionary), and strong say-on-pay vote support shareholder-friendly posture; the 2024 shift away from options toward RSUs lowers risk and increases retention value .
- Execution track record: FY2024 performance (EBITDA +26% YoY, FCF +235% YoY) under Crawley’s presidency suggests continued operating leverage and margin expansion, reinforcing incentive design linkage to value creation .