Companies Travelzoo
Travelzoo (TZOO): executive pay, fiscal 2025
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CEO pay, last three years
- $561,250FY2023
- $3,014,050FY2024
- $586,550FY2025
CEO total pay was $586,550 in fiscal 2025, down from $3,014,050 in fiscal 2024.
FY2025: salary $490,800 · bonus $95,750 · stock awards $0 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Holger Bartel | $490,800 | $95,750 | $0 | $0 | $0 | $0 | $0 | $586,550 |
| Global Chief Executive Officer and Head of Strategy | ||||||||
| Christina Sindoni Ciocca | 460,125 | 0 | 0 | 0 | 0 | 0 | 1,500 | 461,625 |
| Chief Membership Officer and General Counsel, and CEO of Jack's Flight Club | ||||||||
| Lijun Qi | 120,833 | 25,000 | 0 | 0 | 0 | 0 | 1,500 | 147,333 |
| Chief Accounting Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Holger Bartel | $586,550 | $3,014,050 | $561,250 | ↓ −2,427,500 |
| Christina Sindoni Ciocca | 461,625 | 429,250 | 915,750 | ↑ +32,375 |
| Lijun Qi | 147,333 | 288,528 | — | ↓ −141,195 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The fundamental objectives of our executive compensation program are to attract and retain highly qualified executive officers, motivate these executive officers to materially contribute to our long-term business success, and align the interests of our executive officers and stockholders by rewarding our executives for individual and corporate performance based on qualitative and quantitative targets established by the Committee.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Compensia |
| Clawback policy | True |
| Anti-hedging | true |
| Anti-pledging | — |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Christina Sindoni Ciocca | Option | 50,000 | 4.96 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Michael KargIndependent · Audit (Chair) · Compensation · Nominating and Corporate Governance | $122,269 | — | $0 | $0 | $0 | $122,269 |
| Volodymyr CherevkoIndependent · Audit · Compensation (Chair) · Nominating and Corporate Governance (Chair) | 88,453 | — | 0 | 0 | 0 | 88,453 |
| Carrie Liqun LiuIndependent · Audit · Not standing for re-election | 72,162 | — | 0 | 0 | 0 | 72,162 |
| Sharry SunIndependent · Audit · Compensation · Newly elected | 44,089 | 0 | 0 | 0 | 0 | 44,089 |
| Christina Sindoni CioccaEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
| Holger BartelEmployee director · Not standing for re-election | 0 | 0 | 0 | — | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $56,772 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | $3,179 |
| Committee chair fees (audit / comp / nom-gov) | 34,064 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $326,973 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $326,973 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Travelzoo as a peer
Companies that benchmark against TZOO
2 companies name TZOO as a compensation peer
- DHI GROUP, INC.DHXFY2025
- TrueCar, Inc.TRUEFY2025
Each company listed discloses TZOO in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named TZOO in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Travelzoo | 2025 | Holger Bartel | $490,800 | $0 | $0 | $0 | $586,550 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-04-20 | 6,216,201 | 170,683 | 10,945 | 97.33% | Passed |
| 2025 | 2025-06-04 | 6,604,362 | 417,364 | 7,264 | 94.06% | Passed |
| 2024 | 2024-04-26 | 8,634,466 | 54,366 | 6,756 | 99.37% | Passed |
| 2023 | 2023-06-01 | 8,735,071 | 1,872,394 | 4,771 | 82.35% | Passed |
| 2020 | 2020-05-29 | 7,400,726 | 375,984 | 29,131 | 95.17% | Passed |
| 2019 | 2019-05-14 | 9,549,911 | 42,799 | 4,640 | 99.55% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-04-20 | 97.33%a |
| 2025 | 2025-06-04 | 94.06%b |
| 2024 | 2024-04-26 | 99.37%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
Insider trades since the proxy
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Holger Bartel | Global Chief Executive Officer | 2026-09-28 | D | 200,000 | $6 | $1,128,000 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Sources (17 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Holger Bartel. DEF 14A, filed 2026-03-11. Section “Summary Compensation Table” · page 25. As printed: 586,550. View filing ↗
- Section 01, Christina Sindoni Ciocca. DEF 14A, filed 2026-03-11. Section “Summary Compensation Table”. As printed: 461,625. View filing ↗
- Section 01, Lijun Qi. DEF 14A, filed 2026-03-11. Section “Summary Compensation Table”. As printed: 147,333. View filing ↗
- Section 07, pay ratio. 10-K, filed 2026-03-11. Section “CEO Pay Ratio”. As printed: —. View filing ↗
- Section 08, Michael Karg. DEF 14A, filed 2026-03-11. Section “Director Compensation”. As printed: 122,269. View filing ↗
- Section 08, Volodymyr Cherevko. DEF 14A, filed 2026-03-11. Section “Director Compensation”. As printed: 88,453. View filing ↗
- Section 08, Carrie Liqun Liu. DEF 14A, filed 2026-03-11. Section “Director Compensation”. As printed: 72,162. View filing ↗
- Section 08, Sharry Sun. DEF 14A, filed 2026-03-11. Section “Director Compensation”. As printed: 44,089. View filing ↗
- Section 08, Christina Sindoni Ciocca. DEF 14A, filed 2026-03-11. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Holger Bartel. DEF 14A, filed 2026-03-11. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 02, Holger Bartel 2026-09-28. Form 4, filed 2026-09-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-04-20. Item 5.07 · say-on-pay result. As reported: 97.33% (votes for as printed: 6,216,201). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-04. Item 5.07 · say-on-pay result. As reported: 94.06% (votes for as printed: 6,604,362). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-04-26. Item 5.07 · say-on-pay result. As reported: 99.37% (votes for as printed: 8,634,466). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 326,973 + equity 0 + all other 0 = 326,973, summed across the director compensation table rows.
- Travelzoo (subject), Section 10b CEO total. DEF 14A, filed 2026-03-11. CEO total compensation as printed in Travelzoo's own proxy. As printed: 586,550. View filing ↗