Kurt Ekert
SabreAbout Kurt Ekert
Kurt Ekert (age 54) is Sabre’s Chief Executive Officer and President (CEO since 2023; President 2022–2023) and a director since 2023, with deep travel-tech operating experience across airlines, GDS/OTA, and corporate travel management . Under his tenure, Sabre delivered 2024 revenue of $3.030 billion (+4% YoY) and Adjusted EBITDA of $517 million (+53% YoY), alongside reduced net loss per share, emphasizing operational progress and cash discipline . Recent updates include Q3’25 revenue of $715 million (+3% YoY), Adjusted EBITDA of $141 million (+25% YoY), and ~$825 million of debt repaid with Hospitality Solutions sale proceeds, highlighting execution on deleveraging and margin expansion priorities . Ekert’s incentive design centers on pay-for-performance with significant equity, FCF and TSR metrics, ownership requirements (5x salary), and clawback/anti-hedging policies to align with shareholders .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Sabre Corporation | CEO & President | 2023–Present | Leads growth and technology transformation, including Travel Solutions reorg and modernization initiatives . |
| Sabre Corporation | President | 2022–2023 | Drove new growth and transformation strategies ahead of transition to CEO . |
| CWT | CEO; Director | 2016–2021; 2019–2021 | Engineered digital transformation; delivered $7B in new business gains during tenure . |
| Travelport Worldwide | EVP & Chief Commercial Officer | 2010–2015 | Transformed products and value proposition; delivered consistent growth; helped pave way for 2014 IPO . |
| Gulliver’s Travel Associates (Travelport division) | Chief Operating Officer | 2006–2010 | Senior operating leadership within travel distribution . |
| Cendant (Travelport, Orbitz) | Various executive roles | 2002–2006 | Executive leadership across travel-tech subsidiaries . |
| Continental Airlines | Managing Director | 1996–2002 | Early airline leadership experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| PASSUR Aerospace, Inc. | Director | 2009–Present | Aviation decision-support SaaS; platform redesign oversight . |
| ZYTLYN Technologies AG | Director | 2021–Present | Global travel-data software platform . |
| eNett | Director | 2013–2015 | Travel payments (historic role) . |
| World Travel & Tourism Council | Director | 2016–2021 | Industry governance/advocacy . |
| U.S. Dept. of Commerce Travel & Tourism Advisory Board | Chairman | 2016–2021 | Federal advisory leadership . |
Fixed Compensation
Multi‑year reported compensation (Summary Compensation Table):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $750,000 | $852,116 | $900,000 |
| Stock Awards ($) | $4,101,674 | $6,329,742 | $6,075,708 |
| Non‑Equity Incentive ($) | $932,363 | $1,126,808 | $1,485,000 |
| All Other Compensation ($) | $156,482 | $172,024 | $69,822 |
| Total ($) | $5,940,519 | $8,480,690 | $8,530,530 |
Additional 2024 notes:
- Base salary held at $900,000; no merit increase for the CEO to emphasize performance-based pay .
- CEO annual cash incentive target increased to 150% of salary for 2024 (from 135%) to heighten near-term strategic execution incentives .
Performance Compensation
2024 Annual Executive Incentive Program (EIP) – Design and Outcome
| Metric | Weight | Threshold | Target | Maximum | Actual 2024 | Payout (formulaic) | Final Payout |
|---|---|---|---|---|---|---|---|
| Adjusted EBITDA ($mm) | 100% | $475 | $500 | $600 | $517 | 117% | 110% (Committee discretion for CEO) |
Free Cash Flow modifier (±10%):
- Thresholds: < $0 = −10%; $1–$50 = 0%; > $50 = +10% .
- Actual 2024 FCF: $5 million; modifier 0% .
EIP cash outcome for Ekert:
| Item | Amount |
|---|---|
| Target ($) | $1,350,000 (150% of $900,000 salary) |
| Final Paid ($) | $1,485,000 (110% of target) |
2024 Long‑Term Incentives (granted May 15, 2024)
| Grant Type | Grant Date | Target (#) | Maximum (#) | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| Performance‑based RSUs (PSUs) | 05/15/2024 | 946,372 | 1,892,744 | $3,075,709 | 3‑year cliff (to 05/15/2027); annually “banked” on Free Cash Flow; ±10% TSR modifier vs S&P Composite 1500 Information Technology; max 200% . |
| Time‑based RSUs | 05/15/2024 | 946,372 | 946,372 | $2,999,999 | Ratable over 3 years (annual vesting) . |
PSU performance calibration and 2024 banking:
- PSU performance metric: annual Free Cash Flow for 2024–2026; 2024 min/mid/max: $(50)mm / $14mm / $100mm; 2024 result $5mm → 100% funding for 2024 tranche; final three‑year payout subject to ±10% TSR modifier; clif vest 05/15/2027 .
Outstanding Equity (12/31/2024) – CEO
| Award Type | Grant Date | Unvested/Unearned (#) | Market/Payout Value ($) |
|---|---|---|---|
| PSUs (Equity Incentive Plan Awards) | 03/15/2022 | 156,413 | $570,907 |
| PSUs (Equity Incentive Plan Awards) | 05/15/2023 | 790,230 | $2,884,340 |
| PSUs (Equity Incentive Plan Awards) | 05/15/2024 | 946,372 | $3,454,258 |
| RSUs (Time‑based) | 01/14/2022 | 68,942 | $251,638 |
| RSUs (Time‑based) | 03/15/2022 | 52,138 | $190,304 |
| RSUs (Time‑based) | 05/15/2023 | 526,820 | $1,922,893 |
| RSUs (Time‑based) | 05/15/2024 | 946,372 | $3,454,258 |
Equity Ownership & Alignment
- Beneficial ownership: 2,055,605 Sabre shares; less than 1% of outstanding .
- Stock ownership guidelines: CEO must hold equity equal to 5x base salary; retention requirement of 50% of net shares until guideline met; compliance status: executives and directors “met or are on track” as of June 1, 2024 .
- Hedging/pledging: Company policy prohibits hedging and generally prohibits pledging by executives and directors, reducing alignment/credit risk concerns .
Employment Terms
- Executive Severance Plan (Level 1 for CEO): If terminated without cause or for good reason, cash severance equals 200% of (current base salary + 110% of prior‑year target bonus), paid over 24 months; 24 months medical/dental/vision and one year outplacement; subject to release and restrictive covenants .
- Change‑in‑Control (CIC): Double‑trigger equity acceleration; if awards are not assumed at CIC or upon qualifying termination post‑CIC, all restrictions lapse; RSUs vest in full; PSUs vest at 100% assumed attainment under 2024 grant terms .
- Non‑compete: Sabre has entered into non‑competition agreements with named executive officers (duration/territory not specified in proxy) .
- Clawback: Companywide clawback policy applies to incentive compensation and equity plans .
- No excise‑tax gross‑ups: Parachute payments are subject to “best‑net” cutback vs. paying excise tax, whichever is more favorable to the executive .
Estimated CEO payments (illustrative as of 12/31/2024):
| Scenario | Cash Severance | Equity Acceleration | Benefits/Other | Total |
|---|---|---|---|---|
| Involuntary termination (no CIC) | $4,770,000 | — | $41,378 | $4,811,378 |
| Involuntary termination (with CIC) | $4,770,000 | $12,728,598 | $41,378 | $17,539,976 |
| Death | — | $12,728,598 | $1,800,000 | $14,528,598 |
| Disability | — | — | $600,000 | $600,000 |
Board Governance
- Board service: Director since 2023; serves on Technology Committee and Executive Committee .
- Independence: As CEO, not independent; the board has a non‑executive Chair (Gail Mandel), separating CEO and Chair roles to strengthen oversight .
- Meetings/attendance: The board met six times in 2024; all incumbent directors attended >75% of board and committee meetings .
- Director compensation: Employee directors (including CEO) receive no additional pay for board service .
Compensation Structure & Governance Notes
- 2024 EIP design: 100% weight on Adjusted EBITDA with ±10% FCF modifier; total funding capped at 200% .
- 2024 LTI mix: 50% PSUs (FCF with TSR ±10% modifier) and 50% RSUs; multi‑year vesting to support retention and long‑term value creation .
- No pension/SERP; limited perquisites; hedging/pledging prohibited; clawback policy in place; no stock option repricing without shareholder approval .
- Compensation peer groups reviewed annually; expanded tech focus in 2025 (e.g., adds Akamai, HubSpot, Toast, Twilio, Veeva) while not targeting a specific market percentile; Korn Ferry serves as independent consultant (no conflicts) .
Investment Implications
- Strong pay-for-performance linkage: 2024 EIP paid at 110% for the CEO on EBITDA/FCF outcomes (formulaic 117% reduced by Committee), with 50/50 PSU/RSU LTI mix tied to FCF and TSR—favorable for alignment and downside protection vs. pure options .
- Retention/overhang: Significant unvested RSUs/PSUs (e.g., 2024 grants of 946,372 RSUs and 946,372 PSUs) and multi‑year vesting reduce near‑term selling pressure and support continuity through 2027; ownership guidelines and anti‑hedging/pledging policies further mitigate misalignment risk .
- Change‑in‑control economics: Double‑trigger equity acceleration with estimated $12.7M equity value at 12/31/24 provides competitive, not excessive, CIC protection; cash severance of ~$4.77M aligns with market norms and is subject to cutback/best‑net provisions (no gross‑ups) .
- Execution track record: 2024 top‑line and EBITDA growth, followed by Q3’25 margin expansion and notable deleveraging ($825M debt repaid), bolster credibility on turnaround and cash generation—key given FCF‑centric PSUs and FCF/EBITDA pay metrics .
Net: Compensation design emphasizes FCF and TSR with robust ownership/clawback safeguards; sizeable unvested equity and policy constraints temper selling pressure; severance/CIC terms are investor‑acceptable. Continued EBITDA/FCF momentum and balance sheet deleveraging are likely to be the primary catalysts for realized CEO pay outcomes and relative TSR performance .