'Every Day Presents New Challenges': How Booking Holdings' CEO Tackles Crises

Numerous organizations have dealt with recent fluctuations in economic and political landscapes, yet the travel giant, Booking Holdings, led by CEO Glenn Fogel, has consistently confronted crises over the past two decades.

Among the challenges have been the bursting of the dot-com bubble, the tragic events of 9/11, the financial turmoil of 2008, the SARS-1 outbreak, natural disasters such as volcanic eruptions and tsunamis, the ongoing pandemic, international trade disputes, and numerous conflicts around the world. Fogel remarked to Business Insider that there's always something occurring globally each day.

He noted, "Every day brings new challenges our way."

Proactive Crisis Management

A cornerstone of effective crisis management is proactive planning whenever feasible. Fogel highlighted that they developed contingency strategies as tensions escalated between Russia and Ukraine — a significant operational zone for the company — to be prepared just in case.

Following the public announcement of Russia's incursion into Ukraine shortly after a February 2022 earnings call, Booking Holdings took measures to assist its international employees and handle anticipated sanctions. Consequently, the firm decided to pause travel services in Russia and Belarus by March 2022.

Having been with the company for over 25 years, Fogel is well-versed in steering through complex scenarios. He discussed his crisis strategy, beginning with the executive team members he relies on and the techniques he uses to maintain composure.

Crisis Response Strategy

In the midst of a crisis, Fogel immediately connects with key company executives, including the top legal advisor, finance chief, and human resources leader.

He then works to pinpoint the issue and determine which aspects of the business are impacted. Given the global nature of the company, different regions may face distinct challenges, as he pointed out.

Fogel mentioned that their extensive experience in overcoming past adversities enables a more efficient response to emerging problems. He reassures himself that all crises eventually conclude. For instance, during the COVID-19 pandemic, he was confident that a vaccine would be developed at some point.

"Having navigated many challenges in the past is beneficial," Fogel said. "This isn't our first encounter with adversity."

Stress Management Techniques

To handle work-related stress, Fogel incorporates daily meditation into his routine.

"It's something I aim to practice each day," he stated.

In addition, he prioritizes exercise, engaging in it nearly daily before beginning his work. His fitness routine consists of light weightlifting throughout the year and swimming during the summer months.

Even while traveling — which he frequently does more than being at home — Fogel ensures a workout session at the hotel, managing to respond to emails during less intense workouts.