SOUTHLAKE, Texas - Sabre (NASDAQ:SABR) Corporation (NASDAQ: SABR), a prominent provider of travel technology solutions, announced the appointment of Eric L. Kelly to its Board of Directors, with his term beginning on January 1, 2025. Kelly, a seasoned executive with over 40 years in the tech industry, currently leads Overland Tandberg as Chairman and CEO.
Gail Mandel, Chair of Sabre's Board, expressed confidence in the timing of Kelly's addition, citing the anticipated pivotal year for the company's technological advancement. Kelly's expertise spans cybersecurity, mergers and acquisitions, international finance, and strategic business transformations, all of which are expected to contribute to the board's depth of experience.
Kelly's industry tenure includes leadership roles at various companies, from startups to Fortune 100 firms, and a history of serving on multiple boards, including public and private companies, universities, and foundations. His skills are particularly relevant in areas such as software, SaaS, cloud, artificial intelligence, and diversity, equity, and inclusion initiatives.
In addition to his role at Overland Tandberg, Kelly has founded and chaired Bridge 2 Technologies, LLC, and has held CEO positions at Sphere 3D Corporation and Overland Storage, Inc. His career also includes executive positions at Snap Appliance, Adaptec Inc., Maxtor, Dell (NYSE:DELL)'s Enterprise group, Hitachi (OTC:HTHIY) Data Systems, Conner Peripherals, and IBM (NYSE:IBM).
Kelly, an alumnus of San Francisco State University and San Jose State University, where he earned his MBA and B.S. respectively, also holds an honorary doctorate from Grambling University.
Sabre Corporation, headquartered in Southlake, Texas, powers the global travel industry with its software and technology, providing services to airlines, hoteliers, travel agencies, and other suppliers. With customers in over 160 countries, Sabre's marketplace connects travel suppliers with buyers worldwide.
This appointment news is based on a press release statement from Sabre Corporation.
In other recent news, Sabre Corporation reported strong financial results for the second quarter of 2024, surpassing its revenue and adjusted EBITDA guidance, and marking the first time in five years that the company has generated positive free cash flow. The company also increased its full-year 2024 revenue and adjusted EBITDA outlook. In executive changes, Sabre appointed Rochelle Boas as the new Executive Vice President and Chief Legal Officer, following Ann Bruder's departure. Concurrently, board member Gregg Saretsky resigned due to a conflict of interest, reducing the board's size from ten to nine directors.
Sabre has also made significant strides in technology and sustainability. The company partnered with Google (NASDAQ:GOOGL) to leverage the Travel Impact Model for analyzing historical business travel emissions, marking a step towards reducing future emissions. Sabre has also entered into a multi-year distribution agreement with PLAY airlines, enhancing its marketplace with more low-cost carrier content.
In a strategic move, LOTTE HOTELS & RESORTS partnered with Sabre Hospitality to enhance its reservation and distribution systems, and guest experience. This collaboration is expected to streamline the hotel group's reservation process and support its growth ambitions globally. These are the recent developments in Sabre Corporation and LOTTE HOTELS & RESORTS.
InvestingPro Insights
As Sabre Corporation (NASDAQ: SABR) prepares for a pivotal year in technological advancement with the appointment of Eric L. Kelly to its Board of Directors, investors may find additional context from InvestingPro's data and tips.
According to InvestingPro data, Sabre's market capitalization stands at $1.31 billion, reflecting its significant presence in the travel technology sector. The company's revenue for the last twelve months as of Q2 2024 was $2.98 billion, with a revenue growth of 7.31% over the same period. This growth aligns with Sabre's position as a key player in the global travel industry, serving customers in over 160 countries.
One of the InvestingPro Tips highlights Sabre's impressive gross profit margins, which is supported by the data showing a gross profit margin of 59.47% for the last twelve months as of Q2 2024. This strong margin could provide the company with financial flexibility as it pursues technological advancements under the guidance of its expanded board.
Another relevant InvestingPro Tip notes that analysts do not anticipate the company to be profitable this year. This insight may be particularly pertinent as Sabre looks to leverage Kelly's expertise in strategic business transformations and international finance to navigate future challenges and opportunities.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips for Sabre Corporation, providing a deeper understanding of the company's financial health and market position.
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