SOUTHLAKE, Texas, June 20, 2016 /PRNewswire/ -- Tom Klein,
president and CEO of Sabre Corporation (NASDAQ: SABR) today
announced that he will resign from Sabre and its Board of Directors
effective December 31, 2016 and will continue to
serve as CEO while the Board conducts a formal search for his
successor.
"It's a tremendous honor to serve as president and CEO of Sabre
and to work with our talented team around the globe. With our
leading products and rapid technology innovation for the travel
industry, we are doing more today than ever to help our customers
succeed. We have transformed Sabre into a dynamic software
company and the business is positioned for continued consistent
growth, so my successor will have a strong hand to play," said
Klein. "By making this announcement now, the Board of Directors
will have ample time to identify a successor as we work through a
smooth transition to keep the company's growth plans and our
customer deliverables on course. Then I will be able to turn
my personal attention to new opportunities knowing that I am
leaving Sabre on firm ground, with a great management team and a
bright future as a global technology leader."
"The Board thanks Tom for his service and is appreciative of the
many contributions he has made to the growth and success of Sabre
over the past 22 years," said Larry
Kellner, Chairman, Sabre Board of Directors. "Under his
leadership and vision, Sabre is clearly positioned as an innovative
technology company and our business has been reinvented to ensure
our solutions meet the changing needs of the very dynamic travel
industry. During this transition period it will be business as
usual for Sabre's customers, employees, and suppliers as the Board
works to identify a successor."
Klein's career with Sabre began while it was still a unit of AMR
Corp., where he originally held sales and marketing roles with
American Airlines, and then joined Sabre, leading a joint venture
in Mexico. He went on to serve in a number of executive roles,
including group president of both Sabre Travel Network and Sabre
Airline Solutions. He was named president of Sabre in 2010 and
CEO in 2013.
Sabre reaffirms its previously announced full-year guidance and
medium-term goals, and expects to continue to define and lead the
travel technology industry by investing in its core strengths,
driving value for its customers, and out-innovating its
competitors.
About Sabre
Sabre Corporation is the leading
technology provider to the global travel industry. Sabre's
software, data, mobile and distribution solutions are used by
hundreds of airlines and thousands of hotel properties to manage
critical operations, including passenger and guest reservations,
revenue management, flight, network and crew management. Sabre also
operates a leading global travel marketplace, which processes more
than US$120 billion of travel spend annually by
connecting travel buyers and suppliers. Headquartered
in Southlake, Texas, USA,
Sabre does business in approximately 160 countries around the
world.
Forward-Looking Statements
Certain statements in this
press release about trends, future events, uncertainties and our
plans and expectations, including statements of guidance and goals,
are forward-looking statements of what may happen in the future.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause Sabre's actual
results, performance or achievements to be materially different
from the future results and performance expressed or implied
by the forward-looking statements. The potential risks and
uncertainties include, among others, dependency on transaction
volumes in the global travel industry, particularly air travel
transaction volumes, the financial and business effects of
acquisitions, including integration of these acquisitions, adverse
global and regional economic and political conditions, including,
but not limited to, economic conditions in countries or regions
with traditionally high levels of exports to China or that have commodities-based
economies, risks arising from global operations, exposure to
pricing pressure in the Travel Network business, the implementation
and effects of new agreements, dependence on maintaining and
renewing contracts with customers and other counterparties,
dependence on relationships with travel buyers, changes affecting
travel supplier customers, travel suppliers' usage of alternative
distribution models, and competition in the travel distribution
market and solutions markets.
More information about potential risks and uncertainties that
could affect our business and results of operations is included in
the "Risk Factors" and "Forward-Looking Statements" sections in our
Annual Report on Form 10-K filed with the SEC on February 19, 2016 and in the "Risk Factors"
section in our Quarterly Report on Form 10-Q filed with the SEC on
April 28, 2016. Although we believe
that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee the future events, outlook,
guidance or goals will be achieved. Readers are cautioned not to
place undue reliance on these forward-looking statements. Unless
required by law, Sabre undertakes no obligation to publicly update
or revise any forward-looking statements to reflect circumstances
or events after the date they are made.
SABR-F
Contacts:
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Media
Relations
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Investor
Relations
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Chris
Chiames
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Barry
Sievert
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sabrenews@sabre.com
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sabre.investorrelations@sabre.com
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+1
682-605-0633
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SOURCE Sabre Corporation