American Express has finalized the creation of its joint venture for business travel, which has raised $900 million in capital from investors and expanded its executive team.
American Express partnered with Certares, a New York-based investment firm headed by managers with travel industry experience, to lead the creation of the Global Business Travel venture, which the companies announced in September. Amex sold a 50% stake in its business-travel division to fuel its expansion.
"Whether it's mobile functionality, dynamic apps or simply easier and faster ways to do business, American Express Global Business Travel now has the resources to further innovate and change the way that business travel operates," says Bill Glenn, president and chief executive of the travel unit, in a July 1 press release.
Glenn joined Global Business Travel as president and chief executive. He was previously a president of global commercial services at American Express.
Greg O'Hara recently took over as chairman of the venture's board. He founded Certares and was previously a chief investment officer at JPMorgan Chase.
Pat Bourke was named as the travel unit's chief administration officer. In this role, he will focus on transitioning out of the service agreements that are currently in place between American Express and the new division. He previously served as a partner at Blackstone's private equity group.
The company named Norma Corio as its chief financial officer. She was previously a co-president at Miller Buckfire, a financial restructuring firm.
JoAnne Kruse will lead the venture's human resources. She was previously a partner at the consulting firm Human Capital Partners.