'When the C.E.O., Already Facing a Crisis, Gets the Coronavirus' diff viewer (4/5)

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When the C.E.O., Already Facing a Crisis, Gets the Coronavirus	When the C.E.O., Already Facing a Crisis, Gets the Coronavirus
2020-06-06 02:30:10 UTC	2020-06-08 18:56:36 UTC (3 days later)
Glenn Fogel was in crisis mode.	Glenn Fogel was in crisis mode.
It was late February, and the coronavirus was spreading. Mr. Fogel, the chief executive of Booking Holdings, the online travel giant that owns brands like Priceline.com, OpenTable and Kayak, was spending nearly every waking moment at his computer as a tsunami of travel cancellations poured in. He quickly paused marketing, halted stock buybacks, froze hiring and raised $4 billion in debt.	It was late February, and the coronavirus was spreading. Mr. Fogel, the chief executive of Booking Holdings, the online travel giant that owns brands like Priceline.com, OpenTable and Kayak, was spending nearly every waking moment at his computer as a tsunami of travel cancellations poured in. He quickly paused marketing, halted stock buybacks, froze hiring and raised $4 billion in debt.
“The job, it’s just expanded exponentially,” he said.	“The job, it’s just expanded exponentially,” he said.
Then the virus that ravaged his business got him, too. His wife became sick, and his daughter, a college student who had returned home, started to cough. On March 25, Mr. Fogel, 58, who lives just outside New York City, developed a headache and a 101-degree fever.	Then the virus that ravaged his business got him, too. His wife became sick, and his daughter, a college student who had returned home, started to cough. On March 25, Mr. Fogel, 58, who lives just outside New York City, developed a headache and a 101-degree fever.
He was among a wave of leaders at publicly traded companies who tested positive for the coronavirus. At least half a dozen chief executives have contracted it in the past three months, according to a tally by The New York Times, including the heads of NBCUniversal; the real estate investment firm Kimco Realty; Becle, which makes Jose Cuervo tequila; and the security company ADT. In April, Morgan Stanley’s chief, James Gorman, told employees that he had tested positive and recovered.	He was among a wave of leaders at publicly traded companies who tested positive for the coronavirus. At least half a dozen chief executives have contracted it in the past three months, according to a tally by The New York Times, including the heads of NBCUniversal; the real estate investment firm Kimco Realty; Becle, which makes Jose Cuervo tequila; and the security company ADT. In April, Morgan Stanley’s chief, James Gorman, told employees that he had tested positive and recovered.
Mr. Fogel’s illness was relatively mild, but it complicated navigating the lockdown and shoring up a business in free fall. And it put him on the hook to properly disclose the situation to shareholders.	Mr. Fogel’s illness was relatively mild, but it complicated navigating the lockdown and shoring up a business in free fall. And it put him on the hook to properly disclose the situation to shareholders.
Publicly traded companies are obligated to divulge events that may be considered “material” to investors. Peter Cappelli, a management professor at the Wharton School at the University of Pennsylvania, said companies faced risks if news of a top executive’s illness leaked before a disclosure. Apple famously concealed the health conditions of its chief, Steve Jobs, before he died in 2011, prompting criticism and an inquiry by the Securities and Exchange Commission.	Publicly traded companies are obligated to divulge events that may be considered “material” to investors. Peter Cappelli, a management professor at the Wharton School at the University of Pennsylvania, said companies faced risks if news of a top executive’s illness leaked before a disclosure. Apple famously concealed the health conditions of its chief, Steve Jobs, before he died in 2011, prompting criticism and an inquiry by the Securities and Exchange Commission.
“You don’t want to lose the P.R. battle that the company hid this,” Mr. Cappelli said.	“You don’t want to lose the P.R. battle that the company hid this,” Mr. Cappelli said.
Mr. Fogel kept working. Before taking a drive-through test for the virus on March 26 near his home in Scarsdale, N.Y., he did a CNN interview over Skype. On April 1, Booking Holdings filed a regulatory document laying out his condition.	Mr. Fogel kept working. Before taking a drive-through test for the virus on March 26 near his home in Scarsdale, N.Y., he did a CNN interview over Skype. On April 1, Booking Holdings filed a regulatory document laying out his condition.
Mr. Fogel, an energetic storyteller, said his attitude was, “Let’s let everybody know so everyone’s informed, so there’s no question.”	Mr. Fogel, an energetic storyteller, said his attitude was, “Let’s let everybody know so everyone’s informed, so there’s no question.”
Steve Hafner, who heads OpenTable and Kayak and reports to Mr. Fogel, estimated that he had gotten more messages on Slack and video calls from his boss while he was sick than when he was healthy.	Steve Hafner, who heads OpenTable and Kayak and reports to Mr. Fogel, estimated that he had gotten more messages on Slack and video calls from his boss while he was sick than when he was healthy.
“Son of a gun worked right through it,” Mr. Hafner said.	“Son of a gun worked right through it,” Mr. Hafner said.
Mr. Fogel, who was previously a trader and an investment banker, joined Booking in February 2000 as a young manager. At the time, the company, which began in 1997, was known as Priceline.com. Two weeks later, the stock market peaked and the dot-com bubble burst. Soon after, the Sept. 11 attacks happened, hampering people’s desire to travel.	Mr. Fogel, who was previously a trader and an investment banker, joined Booking in February 2000 as a young manager. At the time, the company, which began in 1997, was known as Priceline.com. Two weeks later, the stock market peaked and the dot-com bubble burst. Soon after, the Sept. 11 attacks happened, hampering people’s desire to travel.
But the company forged ahead, focusing on hotels, expanding in Europe and on making acquisitions. In 2005, it bought a small Dutch start-up, Booking.com, which people use to book lodging. Booking.com became the largest division in the company, which took its name.	But the company forged ahead, focusing on hotels, expanding in Europe and on making acquisitions. In 2005, it bought a small Dutch start-up, Booking.com, which people use to book lodging. Booking.com became the largest division in the company, which took its name.
Mr. Fogel rose through the ranks, eventually overseeing acquisitions and strategic alliances. In 2017, he was appointed chief executive after his predecessor resigned over an affair with an employee.	Mr. Fogel rose through the ranks, eventually overseeing acquisitions and strategic alliances. In 2017, he was appointed chief executive after his predecessor resigned over an affair with an employee.
To prepare for disruptive events, Booking conducted crisis management drills. Executives practiced for situations like natural disasters, political coups, data breaches and ransomware attacks. But there was no drill for a pandemic.	To prepare for disruptive events, Booking conducted crisis management drills. Executives practiced for situations like natural disasters, political coups, data breaches and ransomware attacks. But there was no drill for a pandemic.
“All the others together, they’re nowhere near what has happened now,” Mr. Fogel said.	“All the others together, they’re nowhere near what has happened now,” Mr. Fogel said.
When the extent of the pandemic became clear to Mr. Fogel and his lieutenants in early March, their first move was to set up customer service workers at home to field an avalanche of cancellations from travelers.	When the extent of the pandemic became clear to Mr. Fogel and his lieutenants in early March, their first move was to set up customer service workers at home to field an avalanche of cancellations from travelers.
He and his executives also tried to quickly figure out how to balance the inherent conflicts among hoteliers, who risked going bankrupt if they refunded everyone; customers, who stood to lose money on nonrefundable bookings; customer service workers, who were under pressure while working from home with their families; and shareholders, who argued that Booking was not legally obligated to offer refunds.	He and his executives also tried to quickly figure out how to balance the inherent conflicts among hoteliers, who risked going bankrupt if they refunded everyone; customers, who stood to lose money on nonrefundable bookings; customer service workers, who were under pressure while working from home with their families; and shareholders, who argued that Booking was not legally obligated to offer refunds.
The pressure was intense. Booking paid customers $63 million in refunds on nonrefundable reservations for the first three months of the year, which it does not expect to recover. Mr. Fogel said the company would try to get some money back from the hotels eventually, but that requires helping them stay afloat now. OpenTable later waived fees on its restaurant reservation system for the rest of the year.	The pressure was intense. Booking paid customers $63 million in refunds on nonrefundable reservations for the first three months of the year, which it does not expect to recover. Mr. Fogel said the company would try to get some money back from the hotels eventually, but that requires helping them stay afloat now. OpenTable later waived fees on its restaurant reservation system for the rest of the year.
“You want to build the reputation that you are there,” Mr. Fogel said.	“You want to build the reputation that you are there,” Mr. Fogel said.
By then, he was feeling ill, and his wife and daughter had become sick. After initially testing negative for the coronavirus, his high-school-age son developed a cough and fever, too.	By then, he was feeling ill, and his wife and daughter had become sick. After initially testing negative for the coronavirus, his high-school-age son developed a cough and fever, too.
Leslie Cafferty, Booking’s head of communications, said Mr. Fogel’s first instinct had been to call in the lawyers to understand disclosure requirements and “minimize any risk he was hiding information.” They made plans to announce his test results in a S.E.C. filing.	Leslie Cafferty, Booking’s head of communications, said Mr. Fogel’s first instinct had been to call in the lawyers to understand disclosure requirements and “minimize any risk he was hiding information.” They made plans to announce his test results in a S.E.C. filing.
After Mr. Fogel got positive test results for the virus on March 31, Booking pulled the trigger on the filing the next day. In it, Booking said that he continued to perform as chief executive and that the company had succession plans, including a temporary delegation of responsibilities, for all of its senior executives.	After Mr. Fogel got positive test results for the virus on March 31, Booking pulled the trigger on the filing the next day. In it, Booking said that he continued to perform as chief executive and that the company had succession plans, including a temporary delegation of responsibilities, for all of its senior executives.
By then, Mr. Fogel’s fever had faded, and he felt recovered, he said. His family recovered quickly as well. But the announcement prompted more than 1,000 emails and messages from employees, partners and friends. As he dealt with a cratering business, it took him more than a month to respond to the notes.	By then, Mr. Fogel’s fever had faded, and he felt recovered, he said. His family recovered quickly as well. But the announcement prompted more than 1,000 emails and messages from employees, partners and friends. As he dealt with a cratering business, it took him more than a month to respond to the notes.
Mr. Fogel said he had created a system of responses: People who had sent a short “Get well soon” got a thumbs-up emoji. Those who had also had the virus got a more thoughtful response. “And then there were others that knew somebody that had lost their fight, and those were hard to read,” he said.	Mr. Fogel said he had created a system of responses: People who had sent a short “Get well soon” got a thumbs-up emoji. Those who had also had the virus got a more thoughtful response. “And then there were others that knew somebody that had lost their fight, and those were hard to read,” he said.
Work piled up as the travel industry underwent more pain. In April, newly booked rooms through Booking’s various sites plunged 85 percent from a year earlier.	Work piled up as the travel industry underwent more pain. In April, newly booked rooms through Booking’s various sites plunged 85 percent from a year earlier.
Updated June 5, 2020	Updated June 5, 2020
	A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.	The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.	Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.	Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.	States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.	Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.	Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)	If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.	Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.	The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.