Amex GBT has announced the departure of its CEO, Paul Abbott, who is leaving the position and will be replaced by the current president, Drew Crawley, as part of the new phase that opens for the company after the acquisition by Long Lake for about $6.3 billion (€5.47 billion).
Abbott, who has led Amex GBT for seven years during a period of strong expansion and profound changes, will take on a new role as operating partner at Long Lake, the company has reported.
In his own words, the now former executive has stated that this is the "ideal moment" to face the next chapter, both for Amex GBT and for his own professional trajectory, while Crawley has expressed feeling "extremely excited" and honored to take on the leadership of Amex GBT as he begins this "new" and "exciting" phase.
"Abbott has been fundamental to the success of Amex GBT, and we appreciate that his experience will continue with us in his new role as operating partner of Long Lake," highlighted Long Lake's CEO, Alex Taubman, who also emphasized Crawley's leadership ability and his "strong" relationships with clients and partners.
The purchase by Long Lake, initially announced on May 4 and backed by Amex GBT shareholders in August, includes a payment of $9.50 (€8.41) in cash for each share, which implies a premium of 65.1% over the volume-weighted average price of the 30 days prior to the announcement of the agreement.
Once the transaction is closed, the ordinary shares of Amex GBT have ceased to be traded and have been delisted from the New York Stock Exchange. The company will continue to operate under the control of Long Lake.
The new owner plans to rely on its specialized artificial intelligence team to accelerate the design and implementation of solutions aimed at managing corporate travel.