Investing.com -- Sabre Corporation (NASDAQ:SABR) CEO Tom Klein announced on Monday that he will resign from his position on December 31, following 22 years with the travel software and products company.
Klein, who ascended to CEO of the Southlake, Texas-based corporation in 2013, will remain in the position with Sabre as the company conducts a formal search for a successor. Klein joined Sabre more than two decades when it was still a unit of AMR Corp., where he held a variety of sales and marketing roles with AAL. For a three-year period from 1997 through 1999, Klein served as Senior Vice President of Latin America/Caribbean , while leading a joint venture in Mexico. Klein was later named president of Sabre in 2010.
"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," Klein said in a statement.
"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."
Also on Monday, Sabre reaffirmed it full-year guidance and medium-term goals. As such, the company said it expects to lead the travel technology industry by investing in its core strengths and providing more innovative products than its competitors in order to drive value for its customers. "
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."
Shares in Sabre inched down 0.04 or 0.15% to 27.17 in after-hours trading.