- In today’s executive director per day: Diane Brady talks Reservation CEO Glenn Fogel due to release and renewal.
- Great story: Fed did nothing – and everyone loved him.
- Markets: The fears are mitigated (mostly).
- Notes of analysts from JPMORGAN and Wedbush on Nvidiaand Convera in Canada.
- Plus: All news and chat for the water colors from Fortune.
Good morning. In February 2000, Glenn Fogel joined the then startup called Priceline for business development. “I left the traders’ job in the last week of February 2000 and a week later, Nasdaq The highlight in the dot-com boom, “says Fogel in the latest The next episode of leadership. Within a year, the stock price fell from $ 300 to less than dollars. “Even my mother thought the company went bankrupt.”
But Fogel got stuck in the eye of smart acquisitions, helped Priceline to become ReservationHousing brands $ 32 billion a year, housing brands, such as Kayak, Booking.com, Opentable, Rentalcars, Agoda, Momondo, Cheapflights and Priceline. The Executive Director became in 2019 and has since started pandemics, wars, disasters and passenger omissions outside his control. But for a guy who suffered a backed stroke at 17 and graduated from Harvard Law School with honors less than a decade later, it’s just part of the trip. Here’s a little more about how to think about work and life:
About being known as M&A genius: “Someone once said, ‘So, basically you built a company through M&A. “So, we bought active hotels in 2004 for $ 165 million, and we bought the booking within less than a year, which was $ 135 [million]. So, $ 300 million. And that was 20 years ago, and that company is now worth about 90% of the entire market limit of $ 160 billion. So, during those 20 years, there was no M&A, we bought a company that had several hundred people, which was losing money. It’s kind of like, you really can’t say, “Well, you have built a company through M&A.”
About noticing the possibility of growth: “So how big is the market? So, again, no one really knows. And you choose numbers from anywhere, but I like to round up to the nearest trillion, so you can round everything, call it $ 3 trillion. Let’s make a light math: Well, if we were $ 150 billion instead of $ 160 [billion] Now we have varnish mathematics. So, it’s only 5% of the market. I said, “How would we get some more stake in that three -trillion market?” What we do. So, for example, when we started Booking.com, we only worked hotels, and we only worked hotels for a long time. In 2019, we start selling flights because we want to build this connected trip, this vision all together. So in the last quarter, the fourth quarter, the first quarter we sold more airline tickets than the whole Expedia group. And attractions grow very nicely. Soil transportation. And of course, what I really want to do is ensure that we can put an opentantable as part of the whole thing. Because I know I don’t have to spend money on advisers: 100% I’m sure every traveling person does not eat at home. “
Dealing with career obstacles: I was a banker at Kidder Peabody. Kidder Peabody was owned by Ge. Gear tired of it, he was sold by Paine Webber. And Paine Webber really only wanted retail intermediaries, so all investment bankers were quite released. I say quite because not every banker was fired, only most, and so you couldn’t really get out: “Well, they fired us all.” It’s a real snack when she let you go. And if that didn’t happen, I probably would still be a banker. “
According to the trip tips, he always follows: “Never check your bag, never. “
Listen the episode by clicking here.
More news below.
Contact the CEO daily via Diane Brady on diane.brady@fortune.com
This story is originally shown on Fortune.com
Source link
