CWT president and chief commercial officer Patrick Andersen will become the travel management company’s CEO on May 1, as current CEO Michelle McKinney Frymire announced on Monday that she would step down.
The transition will be one year to the day after McKinney Frymire, formerly CWT’s CFO, stepped up to the CEO position following the departure of Kurt Ekert. She then led CWT through a restructuring process that included a prepackaged Chapter 11 bankruptcy filing, which enabled the TMC to slash its debt in half and access $350 million in new capital.
CWT called Andersen’s appointment “part of the company’s long-term succession planning process.”
“We have made substantial achievements during extraordinary times, and I am grateful to our global team and customers for their trust and supportive partnership,” McKinney Frymire said in a statement. “Now, with a strong financial foundation in place, CWT is positioned to accelerate its growth plan, and I’m pleased to…