Connect with us

Tech News

‘Never check a bag, ever,’ says Booking CEO Glenn Fogel

Published

on

  • In today’s CEO Daily: Diane Brady talks to Booking Holdings CEO Glenn Fogel about being fired, and rebuilding. 
  • The big story: The Fed didn’t do anything—and everyone loved it.
  • The markets: Fears assuaged (mostly).
  • Analyst notes from JPMorgan and Wedbush on Nvidia, and Convera on Canada.
  • Plus: All the news and watercooler chat from Fortune.

Good morning. In February of 2000, Glenn Fogel joined a then-hot startup called Priceline to do business development. “I quit my job as a trader in the last week of February of 2000 and a week later, the Nasdaq peaked in the dot-com boom,” Fogel says in the latest episode of Leadership Next. Within a year, the stock price dropped from $300 to less than a dollar. “Even my mother thought the company had gone bankrupt.” 

But Fogel stuck around and with an eye for smart acquisitions helped Priceline grow to become Booking Holdings, a $23 billion-a-year Fortune 500 travel company housing brands such as Kayak, Booking.com, OpenTable, Rentalcars, Agoda, Momondo, Cheapflights, and Priceline. He became CEO in 2019 and has since navigated pandemics, wars, disasters, and travel glitches beyond his control. But for a guy who suffered a debilitating stroke at 17 and graduated from Harvard Law School with honors less than a decade later, it’s just part of the journey. Here’s a bit more about how he thinks about business and life:

On being known as an M&A genius: “Somebody said once, ‘So you basically built the company through M&A.’ So, we bought Active Hotels in 2004 for $165 million, and we bought Booking within less than a year, in 2005, and that was $135 [million]. So $300 million. And that was 20 years ago, and that company is now worth about 90% of the entire $160 billion market cap. So during that 20 years, it wasn’t M&A, we bought a company that had a few hundred people, that was losing money. It’s kind of like, you really can’t say, ‘Well, you built the company through M&A.’”

On spotting growth opportunities: “Well, how big is the market? So, again, nobody really knows. And you pick numbers from anywhere, but I like to round off to the nearest trillion, so you could round it all to, let’s call it $3 trillion. Let’s do easy math: Well, if we were $150 billion instead of $160 [billion] now we have easy math. So that’s only 5% of the market. I said, ‘How about we get some more share of that $3 trillion market?’ Which we’re doing. So, for example, back when we started Booking.com it was only doing hotels, and we only did hotels for a really long time. In 2019, we start selling flights because we want to build this connected trip, this vision of putting it all together. So last quarter, the fourth quarter, is the first quarter we sold more airline tickets than the entire Expedia Group. And attractions is growing very nicely. Ground transportation. And of course, what I really want to do is make sure that we can put OpenTable as part of the whole thing. Because I know I do not need to spend any money on consultants: I am 100% certain that every single person who travels is not eating at home.”

On facing obstacles in his career: I was a banker at Kidder Peabody. Kidder Peabody was owned by GE. GE got tired of it, sold it to Paine Webber. And Paine Webber really only wanted the retail brokers, so all the investment bankers were pretty much let go. I say pretty much because not every banker was fired, just most, and so you couldn’t really get away with, ‘Well, they fired all of us.’ That’s a real bummer when you get let go. And if that had not happened, I’d probably still be a banker.” 

On the travel advice he always follows: “Never check a bag, ever.”

Listen to the episode by clicking here.

More news below.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

This story was originally featured on Fortune.com

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech News

‘We won’t be silent’ — Teachers vow legal challenges after Trump moves to slash Department of Education

Published

on

By

  • President Donald Trump signed an executive order to crack open the Department of Education on Thursday. The American Federation of Teachers and the National Education Association condemned the move, and have promised lawsuits. Earlier this month, the department laid off nearly half of its staff. 

President Donald Trump signed an executive order that would dissolve the U.S. Department of Education (DOE). While the agency cannot be shuttered without congressional approval, Trump signed the order saying that it would “begin eliminating the federal Department of Education once and for all.”

The order states taxpayers spend $60 billion annually on federal school funding marshalled and distributed by the DOE even though the agency “does not educate anyone.” In the order, Trump claimed its closure would help children and families “escape a system that is failing them.” Trump directed Secretary of Education Linda McMahon to turn education authority over to states and local communities while ensuring “uninterrupted delivery of services, programs, and benefits on which Americans rely.” It also directs McMahon to terminate programs promoting “gender ideology,” and withdraw funding from programs and activities that illegally discriminate based on diversity, equity, and inclusion. The order claimed that the DOE maintains a public relations office with 80 staff members at a cost of $10 million a year. 

In a quick rebuke, American Federation of Teachers President Randi Weingarten said the 1.7-million member union would, “see you in court,” in a statement to Fortune.

The DOE is charged with oversight of the country’s $1.6 trillion federal student loan fund, and oversees and sets school policies for early childhood, primary, and secondary schools through financial funding and monitoring. The agency’s remit includes ensuring equal access to education for all students including those from low-income, disabled, and non-native English speaking homes. Established in 1979, the DOE supervises 50 million students in public school systems across the country.

Earlier this month under the direction of Elon Musk’s Department of Government Efficiency, the DOE laid off 2,183 employees, nearly half of its January workforce of more than 4,100.

“Now, Trump is at it again with his latest effort to gut the Department of Education programs that support every student across the nation,” National Education Association President Becky Pringle said in a statement to Fortune

Pringle claimed cuts to the DOE would increase class sizes, cut job training programs, eliminate special education for those with disabilities, axe civil rights protections and increase college tuition prices, putting it “out of reach for middle class families.”

“We won’t be silent as anti-public education politicians try to steal opportunities from our students, our families, and our communities to pay for tax cuts for billionaires,” Pringle said.

Republican lawmakers have long tried to terminate the department since the 1980s, but in recent years that campaign has garnered traction as tensions mounted after federal mandates and policies in response to COVID-19.

“In moving forward with this, Trump is ignoring what parents and educators know is right for our students,” Pringle said.

This story was originally featured on Fortune.com

Continue Reading

Tech News

‘We won’t be silent’ — Teachers vow legal challenges after Trump moves to slash Department of Education

Published

on

By

  • President Donald Trump signed an executive order to crack open the Department of Education on Thursday. The American Federation of Teachers and the National Education Association condemned the move, and have promised lawsuits. Earlier this month, the department laid off nearly half of its staff. 

President Donald Trump signed an executive order that would dissolve the U.S. Department of Education (DOE). While the agency cannot be shuttered without congressional approval, Trump signed the order saying that it would “begin eliminating the federal Department of Education once and for all.”

The order states taxpayers spend $60 billion annually on federal school funding marshalled and distributed by the DOE even though the agency “does not educate anyone.” In the order, Trump claimed its closure would help children and families “escape a system that is failing them.” Trump directed Secretary of Education Linda McMahon to turn education authority over to states and local communities while ensuring “uninterrupted delivery of services, programs, and benefits on which Americans rely.” It also directs McMahon to terminate programs promoting “gender ideology,” and withdraw funding from programs and activities that illegally discriminate based on diversity, equity, and inclusion. The order claimed that the DOE maintains a public relations office with 80 staff members at a cost of $10 million a year. 

In a quick rebuke, American Federation of Teachers President Randi Weingarten said the 1.7-million member union would, “see you in court,” in a statement to Fortune.

The DOE is charged with oversight of the country’s $1.6 trillion federal student loan fund, and oversees and sets school policies for early childhood, primary, and secondary schools through financial funding and monitoring. The agency’s remit includes ensuring equal access to education for all students including those from low-income, disabled, and non-native English speaking homes. Established in 1979, the DOE supervises 50 million students in public school systems across the country.

Earlier this month under the direction of Elon Musk’s Department of Government Efficiency, the DOE laid off 2,183 employees, nearly half of its January workforce of more than 4,100.

“Now, Trump is at it again with his latest effort to gut the Department of Education programs that support every student across the nation,” National Education Association President Becky Pringle said in a statement to Fortune

Pringle claimed cuts to the DOE would increase class sizes, cut job training programs, eliminate special education for those with disabilities, axe civil rights protections and increase college tuition prices, putting it “out of reach for middle class families.”

“We won’t be silent as anti-public education politicians try to steal opportunities from our students, our families, and our communities to pay for tax cuts for billionaires,” Pringle said.

Republican lawmakers have long tried to terminate the department since the 1980s, but in recent years that campaign has garnered traction as tensions mounted after federal mandates and policies in response to COVID-19.

“In moving forward with this, Trump is ignoring what parents and educators know is right for our students,” Pringle said.

This story was originally featured on Fortune.com

Continue Reading

Tech News

‘We won’t be silent’ — Teachers vow legal challenges after Trump moves to slash Department of Education

Published

on

By

  • President Donald Trump signed an executive order to crack open the Department of Education on Thursday. The American Federation of Teachers and the National Education Association condemned the move, and have promised lawsuits. Earlier this month, the department laid off nearly half of its staff. 

President Donald Trump signed an executive order that would dissolve the U.S. Department of Education (DOE). While the agency cannot be shuttered without congressional approval, Trump signed the order saying that it would “begin eliminating the federal Department of Education once and for all.”

The order states taxpayers spend $60 billion annually on federal school funding marshalled and distributed by the DOE even though the agency “does not educate anyone.” In the order, Trump claimed its closure would help children and families “escape a system that is failing them.” Trump directed Secretary of Education Linda McMahon to turn education authority over to states and local communities while ensuring “uninterrupted delivery of services, programs, and benefits on which Americans rely.” It also directs McMahon to terminate programs promoting “gender ideology,” and withdraw funding from programs and activities that illegally discriminate based on diversity, equity, and inclusion. The order claimed that the DOE maintains a public relations office with 80 staff members at a cost of $10 million a year. 

In a quick rebuke, American Federation of Teachers President Randi Weingarten said the 1.7-million member union would, “see you in court,” in a statement to Fortune.

The DOE is charged with oversight of the country’s $1.6 trillion federal student loan fund, and oversees and sets school policies for early childhood, primary, and secondary schools through financial funding and monitoring. The agency’s remit includes ensuring equal access to education for all students including those from low-income, disabled, and non-native English speaking homes. Established in 1979, the DOE supervises 50 million students in public school systems across the country.

Earlier this month under the direction of Elon Musk’s Department of Government Efficiency, the DOE laid off 2,183 employees, nearly half of its January workforce of more than 4,100.

“Now, Trump is at it again with his latest effort to gut the Department of Education programs that support every student across the nation,” National Education Association President Becky Pringle said in a statement to Fortune

Pringle claimed cuts to the DOE would increase class sizes, cut job training programs, eliminate special education for those with disabilities, axe civil rights protections and increase college tuition prices, putting it “out of reach for middle class families.”

“We won’t be silent as anti-public education politicians try to steal opportunities from our students, our families, and our communities to pay for tax cuts for billionaires,” Pringle said.

Republican lawmakers have long tried to terminate the department since the 1980s, but in recent years that campaign has garnered traction as tensions mounted after federal mandates and policies in response to COVID-19.

“In moving forward with this, Trump is ignoring what parents and educators know is right for our students,” Pringle said.

This story was originally featured on Fortune.com

Continue Reading

Trending

Copyright © 2024 NewsBiz.online