Sabre CEO Tom Klein will step down by year’s end, the Southlake-based travel software company said Monday.
The board of directors will conduct a formal search to replace Klein, who will leave his position on Dec. 31.
“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,” Klein said in a statement. “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.”
Klein started at Sabre 22 years ago when it was still owned by AMR Corp., which was the parent company of American Airlines. He was named president of Sabre in 2010 and became CEO in 2013.
He took the company public in 2014 and sold off its online travel website, Travelocity.com, to a competitor, Expedia. He also bought Trust Group, a central reservation, revenue management and hotel marketing firm, for $154 million from a private equity firm this year.
Sabre provides software and technology to travel companies such as airlines and hotels. It also processes $120 billion of travel sales annually with its global distribution systems. In 2015, the company reported net income of $545 million with revenue over $2.9 billion.
Shares of Sabre (ticker: SABR) were down about 2 percent on Tuesday, closing at $26.59.