What is in this article?:
- Global Events Partners, Krisam Group File for Bankruptcy
- New DMC Consortium Formed
- The Industry Reacts
GEP and Krisam cease operations and file for bankruptcy.
New DMC Consortium Formed
The former president of GEP is the president of a newly formedconsortium called Global DMC Partners, based in Washington, D.C. Catherine Chaulet, who came to GEP last September from her post as senior vice president at BostonCoach and Best of Boston, told MeetingsNet in a January interview that “there is no connection between GEP and Global DMC Partners. We have nothing in common. Our clients reached out and said they were sorry to see GEP disappear,” she added. “They wanted a network that provided an alternative with the same values.”
Other principals in Global DMC Partners include Jim Hensley, CEO, who ran Allied PRA Destination Management’s European operations out of London until December 2011. Also joining the new company as senior vice president, operations, is Stacy Tischler, formerly COO of GEP and The Krisam Group.
“We didn’t want to lose the relationships we had as a leading consortium of DMCs,” said Chaulet. “We are now 100 percent network—that is, we do not own or manage any DMCs.”
Chaulet said about 80 percent of the independently run DMCs that had belonged to GEP were joining the new company, now representing 73 destinations. Chaulet added that the company plans to host a summit for its DMC partners and clients in June, similar to the annual summit that the former GEP hosted.
The new consortium requires its DMC partners to have the following, according to its Web site, www.globaldmcpartners.com: a minimum of five years in business as a DMC, a minimum of two bank references, a minimum of three client and vendor references, a minimum of $2,000,000 in liability insurance, and membership in two national professional organizations.