Garry Wiseman

About Garry Wiseman

Executive Vice President and Chief Product & Technology Officer, Travel Solutions at Sabre. Joined Sabre in 2022 as EVP & Chief Product Officer, elevated to current role in 2023. Prior roles include SVP & Chief Digital Officer at Nautilus (2020–2022), SVP Digital Customer Experience at Dell (2017–2020), and VP Product Management at Salesforce (2014–2017) . Company performance context for 2024: Revenue $3.030B (+4% YoY) and Adjusted EBITDA $517M (+53% YoY); Free Cash Flow used for incentive funding measured at $5.606M after adding back debt modification costs .

Past Roles

External Roles

• Not disclosed in Sabre filings. Skip.

Fixed Compensation

Performance Compensation

2024 equity grants (May 15, 2024):

• Performance RSUs (PSUs): Target 236,593; Max 473,186; grant-date fair value $768,927 .
• Time-based RSUs: 236,593; vest 1/3 each year over 3 years; grant-date fair value $750,000 .

Shares vested (liquidity events) in 2024:

• 108,229 shares vested; $344,905 value realized (reduces near-term sell pressure if ownership guideline holding applies) .

Equity Ownership & Alignment

Note: Compliance status with ownership guidelines is not disclosed. Skip.

Employment Terms

• Employment start date: 2022 (EVP & Chief Product Officer); current role since 2023 .
• Severance (Executive Severance Plan – Level 2): 150% of base salary plus 110% of prior year target incentive, paid over 18 months; 18 months health coverage; outplacement for one year (subject to release and covenants) .
• Change-in-control (CIC):
  • Plan-level: No single-trigger vesting if awards are assumed; vesting occurs upon qualifying termination post-CIC or if awards not assumed/continued .
  • 2024 award agreements: If assumed and terminated without cause/for good reason within one year post-CIC, RSUs vest in full; PSUs vest at 100% assumed attainment. Death triggers immediate full vest (PSUs at 100%) .
  • Estimated CIC payout (hypothetical as of 12/31/2024): Severance $1,776,330; equity acceleration $3,569,485; benefits $41,378; Total $5,387,193 .
• Non-compete/Non-solicit: Restricted period 18 months for Level 2 employees under executive covenants appended to severance plan .
• Clawback: Company-wide clawback policy applies; embedded in Omnibus Plan and corporate policy .
• Pension/SERP: None offered to executives (no pension plans) .

Performance & Track Record

• 2024 company performance: Revenue $3.030B; Net loss attributable to common stockholders $(279)M; Adjusted EBITDA $517M; Free Cash Flow $(13.6)M (reported), with $19.2M debt modification costs added back for incentive calculations (resulting $5.606M) .
• Strategic initiatives: Public commentary from Wiseman highlights Sabre’s agentic AI strategy and SabreMosaic platform (Google Vertex/Gemini, Sabre IQ layers) to drive conversational commerce and travel retailing transformation .
• Pay-versus-performance context: Sabre’s “value of $100 investment” TSR metric shows $16.86 for 2024 and Adjusted EBITDA $516,998K in the pay-versus-performance table; CEO and NEO compensation “actually paid” data tied to TSR and EBITDA trends .

Compensation Structure Analysis

• Mix shifts: 2024 LTI split 50% PSUs (FCF + TSR modifier) and 50% RSUs, emphasizing cash generation and retention alignment; PSUs have three annual FCF banks to incentivize turnaround execution with final TSR modifier .
• At-risk pay: Significant pay-at-risk via EIP (Adjusted EBITDA with FCF modifier, 0–200%) and PSUs (0–200% of target) supports pay-for-performance .
• Governance safeguards: No tax gross-ups; no option repricing; minimum one-year vesting on 95% of shares; robust clawback; hedging/pledging prohibited .
• Ownership alignment: 3× salary ownership requirement plus 50% net share retention until met; beneficial ownership <1% implies alignment primarily via unvested equity and guideline-driven retention rather than large outright stakes .

Vesting Schedules and Insider Selling Pressure

• RSUs: Vests 1/3 annually over three years from grant; 2024 grant vests in 2025–2027 .
• PSUs: 3-year cliff vest in 2027; annual FCF banking with final TSR modifier; reduces near-term sell pressure and ties value to multi-year performance .
• 2024 vesting events: 108,229 shares vested; $344,905 realized; retention policy requires holding 50% of net shares until guideline met, moderating selling pressure .

Equity Ownership & Pledging

• Beneficial ownership: 526,065 shares; less than 1% .
• No pledging/hedging allowed for executives under Insider Trading Policy, reducing alignment red flags .

Employment Contracts, Severance, Change-of-Control Economics

• Severance: Level 2 multiple (150% salary + 110% prior year target incentive) over 18 months; 18 months benefits; subject to restrictive covenants .
• CIC vesting: Double-trigger for assumed awards; RSUs full vest, PSUs vest at 100% assumed attainment post-qualifying termination; immediate vest on death at 100% attainment .
• Hypothetical CIC payout (12/31/24): $5.39M total (severance + equity + benefits) .

Investment Implications

• Strong pay-for-performance alignment: Heavy weighting to Adjusted EBITDA and Free Cash Flow plus TSR modifier aligns incentives with deleveraging and cash generation. Multi-year PSU structure lowers short-term sell pressure and emphasizes sustained execution .
• Retention risk: Material unvested RSUs/PSUs and double-trigger CIC provisions provide retention hooks; Level 2 severance is meaningful but not outsized, balancing retention with shareholder protection .
• Trading signals: 2024 vesting of 108,229 shares creates potential liquidity but 50% net-share retention until guideline compliance tempers near-term selling; hedging/pledging prohibitions further constrain adverse signaling .
• Execution focus: PSU FCF targets and EIP EBITDA metrics indicate management emphasis on improving cash generation and operating performance. Wiseman’s AI/product leadership may be a lever for long-term value creation in Travel Solutions .