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OEP transfers ownership in CWT to Chase Travel Investment, a subsidiary of JPMorgan Chase
Amsterdam | November 12, 2010
Carlson Wagonlit Travel announced today that in connection with an internal reorganization at JPMorgan Chase & Co., One Equity Partners II, L.P. (OEP), a JPMorgan Chase subsidiary, has transferred its ownership interest in CWT B.V. within JPMorgan Chase to Chase Travel Investment effective as of November 3, 2010. Carlson continues to retain its existing ownership interest in CWT B.V.
In connection with this transfer, Eduardo Vergara, managing director of Chase Card Services, and Raymond Fischer, chief financial officer of Chase Card Services, were appointed to the seven-person CWT B.V. board as of November 1, 2010, replacing James Koven and Christian Ahrens, managing directors of OEP. Michael O’Hara, formerly a managing director of OEP and now partner of JPMorgan Chase’s Special Investments Group, continues to serve on the CWT B.V. board.
In addition, Thorsten Kirschke, chief operating officer of Carlson Hotels & president, Carlson Hotels, The Americas, was also appointed to the CWT B.V. board as of November 1, 2010, replacing Fredrik Korallus, executive vice president, global revenue generation, Carlson Hotels. The following Carlson representatives continue to serve on the CWT B.V. board: Hubert Joly, president, chief executive officer & director of Carlson; Trudy Rautio, executive vice president, chief financial officer & administrative officer of Carlson; and James Porter, executive vice president, human resources and communications of Carlson. Mr. Joly remains chairman of the CWT B.V. board.
Commenting on the changes, CWT president and chief executive officer Douglas Anderson said “While JPMorgan has always been indirectly involved with CWT as the parent company of OEP, we look forward to future collaborative efforts with JPMorgan and Chase Card Services.”
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About Carlson Wagonlit Travel
Carlson Wagonlit Travel (CWT) is a global leader specializing in business travel management. Present in more than 150 countries, CWT serves companies of all sizes, as well as government institutions and non-governmental organizations. By leveraging both the expertise of its people and leading-edge technology, CWT helps clients derive the greatest value from their travel program in terms of savings, service, security and sustainability. The company is also committed to providing best-in-class service and assistance to travelers. CWT services and solutions comprise four lines of business: Traveler & Transaction Services, Program Optimization, Safety & Security, and Meetings & Events. In 2009, sales volume for wholly owned operations and joint ventures totaled US$21.4 billion. For more information, please visit our global Website at www.carlsonwagonlit.com.