Peter Klebanow, president and CEO of Ultramar Travel Management, will retire at the end of the year.
Michel Botbol, currently COO of Ultramar, will replace Klebanow. Botbol joined Ultramar as CFO in 2003 and was promoted to COO in 2007.
Klebanow has been a part of Ultramar's executive team since 1980 and has been CEO since 1994. After he leaves the company, Klebanow will enroll in law school, according to Ultramar.
Travel and Transport of Omaha, Neb., acquired New York-based Ultramar in 2012, but Ultramar continues to operate under its own brand.
Bill Tech, chairman and CEO of Travel and Transport, praised Klebanow, saying that he and his team made Ultramar one of the nation's leading travel management companies.
Tech added that Klebanow was instrumental in ensuring that Travel and Transport's acquisition of Ultramar was a success.
Tech will retire as CEO at the end of 2014 but will continue as chairman.
Follow Kate Rice on Twitter @krtravelweekly.