June 11, 2008

John Davis says goodbye to Pegasus


Pegasus Solutions said its founder and chief executive, John Davis, is resigning to pursue other opportunities. Chief Operating Officer Michael H. Kistner will replace Davis, 55, as CEO, effective immediately.

Pegasus Solutions has named chief operating officer, Michael H. Kistner, as chief executive officer, effective immediately. Kistner, 51, who has spent his entire career in the travel services industry, succeeds John Davis, 55, who has chosen this time to pursue other opportunities, following Pegasus? successful launch of the market-leading RezView? NG reservation system.

?We are very pleased to have an executive with Mike?s experience, industry insight and vision for the future ready to take the reins,? said Kevin A. Richardson II, a member of Pegasus? Board, and founder and CEO of Prides Capital LLC. ?Mike has been a driving force in many of the company?s recent successes, including RezView NG, and is ideally suited to take control, having served in key day-to-day roles at the company for the past three years. One of the company?s many strengths is its highly capable management team, and we accept John?s decision that this is an excellent time to conduct a smooth transition.

?We owe John a debt of gratitude for all he has done to make this company great. He founded what is now Pegasus Solutions almost 20 years ago with the creation of THISCO and ?The Switch,? a product that remains central to our company and the travel industry today. During his tenure, John presided over many of the company?s major milestones: the initial IPO of Pegasus Systems, the acquisitions and integration of REZsolutions and Unirez, and more recently, taking the company private. In 2007, John oversaw the strategic acquisitions of WizCom and GuestClick, the latter of which allowed us to springboard our development of RezView NG, giving us the opportunity to reestablish our position as an innovator and market leader.

?The Board and all of the Pegasus employees thank John for his tireless work, which has been instrumental in making Pegasus a success. We wish him well in his future endeavors as we look forward to an exciting new chapter in the company?s history,? Richardson concluded.

In his previous role at Pegasus, Kistner was responsible for the company?s daily operations, technology and shared services, as well as the company?s reservation and distribution service line. Kistner joined Pegasus as the senior vice president of operations and service delivery in 2005.

?I am pleased to have the opportunity to lead Pegasus Solutions, a company I believe in and that is well positioned for the future,? said Kistner. ?We all know the travel industry is very dynamic, but I am confident Pegasus has the right elements to ensure its ongoing success, including an innovative management team, dedicated employees and unparalleled products and services. The recent launch of RezView NG, which is redefining market standards in central reservation systems, is just one example of the pillars that will ensure the company remains a leading force in the market. I look forward to many more successes for Pegasus and our valued partners, and I thank John and Prides Capital for their confidence.?

Davis said, ?I have been thinking about this transition for some time, and I am confident this is the right time to put the full capabilities of the company behind Mike, whose deep industry knowledge, extraordinary leadership ability and diverse skills will serve the company well. I have every confidence in Mike, the Pegasus team and our increasingly important role in the industry.?

Prior to joining Pegasus, Kistner served as chief information officer (CIO) and senior vice president of distribution at Best Western International, Inc., and before that, Kistner was a senior vice president at Cendant Corp. Previously, Kistner worked for Super 8 Motels, where he was executive vice president of operations, and he was also vice president for management information systems and reservations at HFS Inc. Kistner holds a B.S. in accounting and information systems from Northern State University, Aberdeen, S.D., and a M.S. in information systems from Colorado State University. He is the past chairman and current member of the e-commerce committee of the American Hotel & Lodging Association. From 2000 to 2005, he served as chairman of the Open Travel Alliance (OTA), and has been recognized as one of the leading CIOs in the hospitality industry.