Corpay, which provides payments services to corporate clients, may divest its unit that aids companies in managing hotel expenses for employees if it can’t jump-start sluggish revenue growth, according to comments by its top executives.
The company will “definitely look to divest” the lodging business if revenue growth doesn’t return from a downdraft over the past couple years, Corpay’s new chief financial officer, Peter Walker, said at the Jefferies Fintech investor conference last Wednesday.
Chief Executive Officer Ron Clarke also noted during an earnings call last month that the unit, which is the company’s third-largest, could be sold, in addition to a couple non-core vehicle businesses that are already up for sale.