Glenn Fogel, CEO of Booking Holdings, shares his inspiring journey from overcoming a stroke at 17 to leading one of the largest online travel platforms. He discusses regulatory challenges faced by the company as a 'gatekeeper' in the travel market. The conversation also dives into the impacts of mass tourism on local communities, advocating for sustainable travel practices and better government regulations. Fogel highlights the need for greater involvement of residents in tourism planning to create balanced benefits for all.
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Quick takeaways
Glenn Fogel's resilience in overcoming a stroke and navigating a challenging career path showcases the importance of perseverance in achieving leadership roles.
The ongoing regulatory challenges for Booking Holdings highlight the critical need for sustainable tourism policies to manage mass tourism's impact on local resources.
Deep dives
Glenn Fogel's Journey to Leadership
Glenn Fogel's path to becoming CEO of Booking Holdings involved overcoming significant personal and professional challenges. After facing a devastating stroke at 17, which left him paralyzed and without the ability to speak, Fogel worked hard to regain his capabilities and pursued higher education, ultimately earning a law degree from Harvard. His initial career in mergers and acquisitions proved short-lived due to job layoffs, prompting him to explore new opportunities. This venture led him to the online travel sector during a turbulent time, ultimately positioning him for leadership within Booking Holdings as the company navigated the boom and bust of the dot-com era.
Booking Holdings and Regulatory Challenges
Booking Holdings confronts regulatory pressures as governments impose stricter rules on major tech companies, particularly within the European Union. Recently, the company became the first Europe-based entity designated as an online gatekeeper under the EU's Digital Markets Act, aiming to foster fair competition. Fogel challenges the notion that Booking.com dominates the market, emphasizing that most hotel bookings are made directly with establishments rather than through their platform. Despite ongoing regulatory battles, he remains confident about the company's position and the appeal against national antitrust fines.
The Future of Travel and Sustainability
Fogel advocates for the travel sector, believing it fosters cultural understanding and enriches lives, despite concerns over overcrowding and environmental impacts. As more people travel to popular destinations, the strain on local resources can intensify, showcasing a need for sustainable tourism policies. To address this, Booking.com is engaging in sustainability efforts, while recognizing that the resolution largely falls on governments to balance tourism benefits with local community needs. Innovative measures, such as taxing day-trippers in Venice, are suggested as potential solutions to manage tourist influx and ensure fair distribution of resources.
From experiencing a stroke at the age of 17, to various corporate jobs that never quite fit, we hear about Glenn Fogel's journey to becoming CEO of Booking Holdings, the parent company of online travel site Booking.com.
We learn why the EU-based company is in the sites of competition authorities having been dubbed a “gatekeeper” in the travel market, and we hear what Glenn thinks about the impacts of mass tourism.
(Image: Glenn Fogel. Credit: Getty Images)
Presenter: Ed Butler
Producer: Amber Mehmood
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