As part of the Company's ongoing efforts to operate in the most effective manner, the Company has determined to consolidate many of its corporate financial and human resources functions into our UK based GDS headquarters effective as of the fourth quarter of 2009. Our current financial and human resources leadership teams will transition their responsibilities over the next several months to executives based in the UK. Our Chief Financial Officer, Michael Rescoe , and our Executive Vice President, Human Resources, Jo-Anne Kruse , have determined that they will not be relocating to the UK and will be departing in October 2009 following the transition. As part of the transition, Philip Emery , currently Chief Financial Officer, Travelport GDS, will be appointed Deputy Chief Financial Officer of Travelport and will report to Mr. Rescoe. Following the transition period, we expect to appoint Mr. Emery as Chief Financial Officer of Travelport.
Travelport CEO and President, Jeff Clarke , stated: "I want to personally thank Mike and Jo-Anne for their outstanding contributions to Travelport over the years and for their continued support in seamlessly transitioning responsibilities over the next several months."
Orbitz Worldwide ($in millions)
Travelport Limited currently owns approximately 48% of the outstanding equity of Orbitz Worldwide. Travelport deconsolidated the results of Orbitz Worldwide with effect from October 31, 2007 and accounts for our investment in Orbitz Worldwide under the equity method of accounting.
- Not meaningful
(1) 4Q 2007 includes Orbitz Worldwide results from October 1, 2007 through October 31, 2007 . Adjusted results exclude Orbitz Worldwide in all periods.
- Not meaningful
(1) FY 2007 includes Orbitz Worldwide results from January 1, 2007 through October 31, 2007 . Adjusted results exclude Orbitz Worldwide in all periods.
The Company's fourth quarter 2008 earnings conference call will be accessible to the media and general public via live Internet Webcast today beginning at 11:00 a.m. (EST) , and through a limited number of listen-only, dial-in conference lines. The Webcast will be available through the Investor Center section of the Company's Web site at www.travelport.com. To access the call through a conference line, dial 888-713-4205 in the United States and 617-213-4862 for international callers beginning at least 10 minutes prior to the scheduled start of the call. The passcode is 36837370. A replay of the conference call will be available February 24, 2009 at 2:00 p.m. (EST) through March 3, 2009 . To access the replay, dial 888-286-8010 in the United States and 617-801-6888 for international callers. The passcode is 39067512.
Travelport is one of the world's largest travel conglomerates offering broad based business services to companies operating in the global travel industry. The company is comprised of Travelport GDS, a global distribution system business that includes the Worldspan and Galileo brands; GTA, a leading global, multi-channel provider of hotel and ground services; IT Services and Software, which hosts mission critical applications and provides business solutions for major airlines; and Business Intelligence, a data analysis business. With 2008 revenues of
Travelport also owns approximately 48% of Orbitz Worldwide (NYSE: OWW), a leading global online travel company. Travelport is a private company owned by The Blackstone Group, One Equity Partners, Technology Crossover Ventures and Travelport management.
Certain statements in this press release constitute "forward-looking statements" that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may fluctuate" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.
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