Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Amadeus IT Holding Seeks Airline Executives to Strengthen Board

Nov. 15 (Bloomberg) -- Amadeus IT Holding SA, a Spanish operator of airline bookings systems, said it needs to add senior airline executives to its board as Air France-KLM Group SA and Deutsche Lufthansa AG reduce their stakes.

“We need to decide on the board how we manage this balance,” Chief Executive Officer Luis Maroto said in an interview in Barcelona today. “In the past, airlines were managing the whole direction. Now we have private equity and more independent board members, who are very good, but they are not industry experts.”

The company would benefit from the addition of former chief executives officers who understand the industry and maintain good contacts with company executives, Maroto said. Such deepening of ties doesn’t mean that Amadeus is looking for more investments by airlines, he said, adding that “I don’t think it makes sense for an airline to own a technology company.”

Lufthansa sold shares in Amadeus yesterday. Air France has reduced its stake this year, and International Consolidated Airlines Group SA’s Iberia has hedged against share declines. Amadeus, which is seeking to deliver more booking services for hotels and railways to reduce its dependence on airline traffic, has gained more than 50 percent this year, making it the third-best performer in Spain’s 35-stock IBEX Index and giving the company a market value of 8.44 billion euros.

While Spain’s economic crisis means bookings in the country have decreased 25 percent, the company hasn’t suffered any surprises during the current quarter and will “do fine” this year, Maroto said.

To contact the reporter on this story: Cornelius Rahn in Frankfurt at crahn2@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.