News Summary

• The $6.3 billion take-private of Amex GBT by Long Lake Management landed a few weeks ago.
• Ken Chenault, once the CEO of American Express, has emerged as a pivotal figure in the travel industry.
• He is also the lead director of Airbnb, chairman of Bilt Rewards, and a director of Berkshire Hathaway.
• Despite not running any operating travel business, Chenault's expertise in brand, loyalty, and capital allocation gives him unique leverage to facilitate major deals.