TRX Promotes Hammond To CEO; Davis To Chair Board

TRX today announced that current executive vice president Shane Hammond will replace Trip Davis as president and CEO, effective tomorrow. Davis will become chairman of the board of the publicly traded company, replacing Joop Drechsel, CEO of sister company BCD Travel and CEO of TRX's majority shareholder BCD Holdings.

Drechsel now is a board director, according to today's U.S. Securities and Exchange Commission filing

According to the SEC filing, Hammond has entered into an initial term of three years with an option for an additional year, and Davis remains a paid employee of TRX.

TRX's profits decreased steadily in the past several quarters as transaction and data processing volumes continue to slump. Its share price consistently has traded under $1 since October.

During the past several months, the company has continued migrating away from providing outsourced services and processing relationships with its five largest clients to diversifying its client portfolio, including further inroads in the direct corporate travel market as it concentrates on providing hosted software applications and technology development.

Hammond, also president of TRX's ResX Technologies online booking division, joined the company in 2002.