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.

“The job, it’s just expanded exponentially,” he said.

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