Retirement Announcement: Travel + Leisure Co.’s CFO Mike Hug to Step Down in 2025
In a significant turn of events for Travel + Leisure Co. (NYSE: TNL), the Chief Financial Officer (CFO), Mike Hug, has announced his decision to retire by June 1, 2025, marking the end of an impressive career spanning over 25 years with the company. Hug has been pivotal in steering the organization through substantial changes, including its transformation after spinning off Wyndham Hotels & Resorts in 2018.
A Legacy of Leadership
Mike Hug’s influence within the organization is undeniable. Since he took on the role of CFO, he has guided Travel + Leisure Co. through a dynamic period of growth and adaptation. Under his financial stewardship, the company transitioned from Wyndham Destinations to the well-recognized Travel + Leisure Co. after acquiring the iconic Travel + Leisure brand in 2021. This strategic move not only diversified the company’s portfolio but also reinforced its vision of becoming a multi-brand holiday and membership travel leader.
Michael D. Brown, President and CEO of Travel + Leisure Co., expressed gratitude for Hug’s long-standing dedication and contributions: "Mike has seen our company evolve from its adolescence into a leading company in a vastly different industry than the one he joined more than 25 years ago." Brown also praised Hug’s commitment to the company and its stakeholders, emphasizing the solid financial foundation Hug leaves behind.
The Search for a Successor
With Hug’s retirement on the horizon, Travel + Leisure Co. has initiated a search for his successor. The search will encompass both internal and external candidates, ensuring a thorough evaluation of potential leaders. Hug willremain in his role until a mutually agreeable date is set after a successor has been identified or until his retirement date in June 2025.
Hug’s Career Journey
Before ascending to his current role, Hug was instrumental in managing the financial operations of Wyndham’s timeshare business. He led critical teams in financial services, IT operations, and oversaw Wyndham Consumer Finance. Having joined the company in 1999 as Vice President of Finance for the Wyndham Hospitality Services Group, Mike brought with him a wealth of experience from his previous 11 years in public accounting at a top-tier firm. This background has significantly shaped his approach to financial leadership within Travel + Leisure Co., allowing the company to navigate the complexities of the leisure travel sector effectively.
Future Outlook for Travel + Leisure Co.
Travel + Leisure Co. stands as the world’s leading membership and leisure travel company, facilitating over six million vacations each year. The company is committed to servicing the needs of modern leisure travelers through a diverse portfolio of vacation ownership, travel club, and lifestyle brands. With over 19,000 employees dedicated to customer satisfaction, the organization aims to provide unmatched hospitality and responsible tourism.
As Travel + Leisure Co. prepares for this transition in leadership, the emphasis will be on maintaining stability and leveraging the strong financial framework that Hug has helped establish. The executive team and the Board of Directors will be key players in this succession process, ensuring a seamless handover of responsibilities and continuity in the company’s strategic vision.
As the retirement date approaches and the search for a successor intensifies, all eyes will be on Travel + Leisure Co. to see who will step into the significant role of CFO and continue to navigate the company through the ever-evolving landscape of the leisure travel industry.