Glenn Fogel, CEO of Booking Holdings, oversees a portfolio of major travel brands, including Booking.com, KAYAK, OpenTable, Agoda, and Priceline. However, three decades ago, his career took an unexpected turn when he was laid off from his corporate job, leaving him uncertain about his future.
With an MBA from Wharton and a law degree from Harvard, Fogel had been working as an investment banker at Kidder, Peabody & Co. He shared with Business Insider that a merger with Paine Webber led to widespread layoffs, including his own. The experience was jarring, particularly as some colleagues were retained while he was let go, prompting him to question his value, department fit, or cost to the company.
Now in his eighth year as CEO of Booking Holdings, Fogel reflects on that layoff as a pivotal moment in his career, teaching him two key lessons:
Treat Others with Respect
Fogel described his layoff as a cold, almost cinematic experience. He was called into a meeting with HR, thanked for his contributions, and offered a severance package in exchange for signing a non-disparagement agreement. He was then escorted out without being allowed to return to his desk for personal belongings, which were sent to the lobby.
As CEO, Fogel has had to oversee layoffs himself, notably during the pandemic when Booking Holdings faced a 91% drop in gross travel bookings and an 83% revenue decline in Q2 2020, leading to cuts of up to 25% of the workforce. Drawing from his own experience, Fogel emphasizes treating employees respectfully during layoffs, helping them transition to new roles within the company when possible. He believes respectful treatment eases the process and supports employees in moving forward.
Take Time to Reflect
The layoff forced Fogel to reassess his career path and personal goals. Rather than rushing into a new job, he took a couple of years to explore other pursuits, including writing an unpublished novel. This period of reflection, while unplanned, led to a serendipitous outcome: a blind date with a former Random House editor, who later became his wife.
Fogel doesn’t advocate for seeking job loss, but he advises against letting anger define the experience. Instead, he encourages using such moments to learn, grow, and make thoughtful decisions about the future.