What Will Global Travel Manager CWT Do With $250 Million in New Capital? Get Smaller, For One
Photo Credit: Travel management company CWT has restructured into three operating divisions. Unsplash / Gemma Evans
Skift Take
From the outside, it seems the travel management company has gone into survival mode. Post-Covid, it will look a lot leaner, and more attractive to potential buyers.
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CWT said the new structure was aimed to accelerate innovation, transformation and growth. But against the backdrop of a pandemic, it also means downsizing. "Given the need to realign resourcing in today’s market conditions but also to protect employees, operating costs have been managed mainly through temporary furloughs and pay reductions, and more recently also through voluntary programs offered by the company that have received strong interest from employees globally," the company said in a statement. Skift approached CWT for more details, but it declined to elaborate. A spokesperson said: "There were three elements to the voluntary program — extended furlough, changing to a part time role, and voluntary redundancy." Leaner Future One source familiar with the company said CWT could emerge 30 to 40 percent smaller, with 30 percent of employees opting f