SOUTHLAKE, Texas–(BUSINESS WIRE)–Nov. 15, 2004–Sabre Holdings Corporation (NYSE: TSG) announced today that its board of directors has named Chief Executive Officer Sam Gilliland to the additional role of chairman of the board of directors.
Gilliland was named president and CEO of Sabre Holdings on Dec. 2, 2003. At that time, Paul C. Ely, Jr. was elected to serve as the non-executive chairman of the company’s board of directors. Ely will remain on Sabre Holdings’ board as an independent director.
“Sam has been in the role of CEO for nearly a year and the board has been very pleased with his leadership,” said Ely. “His broad and diverse travel industry experience and tremendous management capabilities will continue to serve him well as he leads the company into the future.”
Gilliland has been with the company since 1988 in a number of leadership positions, including CEO of Travelocity, executive vice president and chief marketing officer of Sabre Holdings, group president of the company’s Airline Solutions business unit, and senior vice president and general manager of Sabre Business Travel Solutions.
“I greatly appreciate Paul Ely’s guidance and support over the past eleven months,” said Gilliland. “And I look forward to working with Paul in his continuing role as an independent director.”
In addition, the board appointed Royce S. Caldwell as lead independent director, a newly created position. The move is consistent with the company’s focus on sound corporate governance and to maintaining strong oversight by the board’s independent directors. As lead director, Caldwell will preside over executive sessions of the independent directors and work closely with the chairman. Eight of nine members of the board are independent.
“Royce’s deep knowledge, experience and insights will serve us well in his new role as lead director, helping to further our strong governance practices, as well as facilitate the board’s productivity and efficiency,” said Gilliland.
Caldwell was elected to the Sabre Holdings board in May of 2001. He is retired vice chairman of SBC Communications. During his tenure with SBC, he served as chief operating officer and a member of the board of directors, as well as chairman and chief executive officer of Pacific Bell Corp., Southern New England Corp., and Prodigy Corp. Caldwell also served as president and chief executive officer of Southwestern Bell Corp.
Board to Propose Declassification
The board of directors has also decided to submit for approval by the company’s stockholders proposed changes to the company’s certificate of incorporation and bylaws that would eliminate director classes and staggered election of directors. To be effective, that proposal would need the approval of at least 80 percent of Sabre Holdings stockholders at its annual meeting in 2005. If the proposed change were approved, all directors would stand for election each year beginning in 2006.
The board believes that these actions will further contribute to its strong oversight and sound corporate governance.
About Sabre Holdings Corporation
Sabre Holdings, an S&P 500 company, is a world leader in travel commerce, retailing travel products and providing distribution and technology solutions for the travel industry. Sabre Holdings supports travelers, travel agents, corporations and travel suppliers through its companies: Travelocity, Sabre Travel Network, and Sabre Airline Solutions. Headquartered in Southlake, Texas, in the Dallas-Fort Worth Metroplex, the company has more than 6,000 employees in 43 countries. Full year 2003 revenues totaled $2.05 billion. Sabre Holdings is traded on the New York Stock Exchange under the symbol TSG. More information is available at www.sabre-holdings.com.
CONTACT: Sabre Holdings
Media:
Michael Berman, 682-605-2397
michael.berman@sabre-holdings.com
or
Investor Relations:
Karen Fugate, 682-605-2343
karen.fugate@sabre-holdings.com
SOURCE: Sabre Holdings Corporation
