Investments

Bethune joins Cendant as chairman

Bank Of America Investment Cendant has announced that leading travel industry executive and former CEO of Continental, Gordon Bethune, has been named chairman of the company's travel distribution services (TDS) division.

"Charging passengers up to $20 per roundtrip on top of the price of a ticket is excessive, " said ASTA president Richard Copland. Continental chairman Gordon Bethune said raising the fee would hike the total tax on a $100 airline ticket to $53. Bethune compared the possible effect of the proposal to sin taxes, which are designed to discourage consumption. The proposed fee hike also was assailed by the National Business Travel Association.

Investment Opportunity Bethune will continue as non-executive chairman at TDS when the Company completes the spin-off of its travel distribution business to Cendant shareholders early in the fourth quarter of this year.

Prior to joining Gaia Interactive, the world's largest virtual world for teens as CEO, residence at Benchmark Capital. Prior to Benchmark, Craig was COO of MyFamily.com, where he helped grow the company from $23 Million to $150 Million in sales. Prior to MyFamily.com, President of American International Group (AIG), Craig ran AIG' business efforts in Japan and Korea resulting in over six billion dollars in annual revenues. Prior to his work at AIG, Craig was President and CEO of Cendant Japan where he launched the joint venture company, grew it to 500, 000 paying customers and achieved operating profits ahead of schedule. Craig held various positions at Cendant including Vice President of Cendant's International Division and General Manager for a number of Cendant's US product lines. Craig graduated magna cum laude from Princeton University.

Banc Of America Investment "Gordon Bethune has led a remarkable career in the travel industry and I am very pleased that he has elected to bring his wealth of talent and experience to Cendant's Travel Distribution businesses," Cendant's Chairman and CEO, Henry R. Silverman said.

Banking Investment "He is a strong, engaging leader whose turnaround of Continental was marked by his strategic mindset, sharp intellect and exceptional ability to attract and develop a world-class management team. Hence, it should come as no surprise that his first critical task near-term will be to help me identify and recruit a chief executive for TDS from the list of outstanding finalists that we have assembled."

George C. McNamee has served as Chairman of First Albany Companies Inc., a specialty investment banking firm, since 1984 and is a managing director of FA Technology Ventures, an information and energy technology venture capital firm. He serves as Chairman of Plug Power Inc. ( PLUG).

Investment Solution Strategic Cendant's President and Chief Financial Officer, Ronald L. Nelson, will continue serving as CEO and president of TDS on an interim basis.

As CFO of The Mark Travel Corporation, a $1.5 billion travel package provider with multiple travel businesses and a travel technology company, Trisept Solutions, Hyland implemented its first integrated planning process (strategic and financial). Prior to his position at Mark Travel, Hyland was the CFO for Galileo Americas, the global distribution system owned by the Cendant Corporation. While at Galileo, he improved profit per employee by 56% and was honored as one of Cendant Travel Distribution Services employees of the year.

Investment Banking Services "Cendant has assembled a unique and enviable portfolio of travel distribution businesses that are well-positioned for considerable growth in domestic and especially international markets," Mr. Bethune said.

Bank Investment "I am encouraged that in the months and years ahead, the further vertical integration of these businesses will continue to prove the viability of the investment thesis. I am honored and privileged to serve as chairman and to help the management team and their 8,000 associates around the world shape the future of this very promising enterprise."

Alternative Investment Bethune's career in the travel industry spans nearly three decades. He is credited with transforming Continental Airlines from a $600 million annual loss in 1994 to one of the best performing major airlines.

Online Investment Services During his tenure at Continental, he was a strong proponent of driving profitability while safeguarding brand equity by responding to consumer needs and effectively building customer loyalty.

Accompany Essential Investment Between 1979 and 1988, Mr. Bethune held executive positions at several other major airlines including Braniff, Western and Piedmont and also served as a vice president and general manager at Boeing Corporation. Most recently, Mr. Bethune founded GB1 Partners, a privately held consulting firm to the travel industry.

Investment Company During his illustrious career, Mr. Bethune has been recognized for his out-of-the-box thinking and numerous achievements in the areas of strategic insight, operational excellence, customer service, and management leadership.

Investment Management Solution He has appeared on BusinessWeek's list of the top 25 global managers and was heralded by Business Travel News as being among the 25 most influential executives in the travel industry. In 1999, he authored a book with Scott Hurler entitled, From Worst to First: Behind the Scenes of Continental's Remarkable Comeback.

Investment Management Services Bethune received a Bachelor of Science degree from Abilene Christian University. He served for 20 years as an officer in the United States Navy. Mr. Bethune is currently a director on the boards of Sprint Nextel Corporation, Prudential Financial Inc., Honeywell International Inc., and Willis Group Holdings.

Guide Investment Stock  

[ Comment, Edit or Article Submission ]