Sabre (NASDAQ:SABR) Corporation (NASDAQ:SABR), a leader in the travel industry software and technology sector, announced significant changes in its executive team this week. The company disclosed in a recent SEC filing that Ann Bruder will no longer serve as Executive Vice President and Chief Legal Officer, effective September 13, 2024.
Bruder's departure from the company will be finalized on October 31, 2024, following a qualifying termination under the company's Executive Severance Plan.
Bruder is set to receive severance benefits as outlined in the plan, which include 150% of her annual base salary and 110% of her target incentive opportunity, distributed over 18 months post-termination. Additionally, she will retain medical, dental, and vision insurance coverage for herself and dependents for 18 months unless she secures alternative employment with comparable benefits. Bruder's severance is contingent upon her agreement to a general release of liability against Sabre and adherence to post-employment restrictions.
In the wake of this departure, Sabre has appointed Rochelle Boas as the new Executive Vice President and Chief Legal Officer, effective October 14, 2024.
Boas brings a wealth of experience to Sabre, having held various senior legal positions at Travelport Worldwide Limited from 2006 to 2020. Prior to joining Sabre, she served as General Counsel and Corporate Secretary at LeafLink, Inc. and Reorg Research, Inc.
In other recent news, Sabre Corporation experienced significant developments. The company reported strong financial results for the second quarter of 2024, surpassing its revenue and adjusted EBITDA guidance. This marks the first time in five years that Sabre has generated positive free cash flow, prompting an increase in its full-year 2024 revenue and adjusted EBITDA outlook.
In addition to its financial achievements, Sabre's board witnessed a major change with the immediate resignation of board member Gregg Saretsky due to a conflict of interest. This reduces the board's size from ten to nine directors.
On the technology front, Sabre's CEO, Kurt Ekert, highlighted the potential of SabreMosaic, a new platform, to transform the Airline IT business into a growth sector in the medium to long term. However, a significant financial impact from SabreMosaic is not expected in the near term.
The company also reported gaining market share in air distribution bookings, outperforming rivals like Amadeus, and showed momentum in the Hospitality Solutions business.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.