American Express Closes Joint Venture Deal
American Express has closed on its joint venture deal with a group of investors led by investment firm Certares to spin off American Express Global Business Travel as a separate entity, with each party owning a 50 percent stake. The company will focus heavily on technology innovation, buoyed by a $900 million infusion from the investor group. Upon closing, the company named the remainder of its leadership team. Joining chairman of the board Greg O'Hara and president and CEO Bill Glenn will be chief administrative officer Pat Bourke, formerly of Worldspan and Travelport and most recently a partner with Blackstone’s private equity group; chief financial officer Norma Corio, most recently co-president and a managing partner of financial advisory firm Miller Buckfire; and chief human resources officer JoAnne Kruse, founder and partner of human resources consulting firm Human Capital Resources and formerly an executive with Travelport.