Business for good: James Thornton
James Thornton almost didn’t join Intrepid Travel.
Back in 2005, he applied for a sales executive role at the company, but the job was offered to someone else. It could have ended there: another path, another career and a very different future for both Thornton and the adventure travel company.
But then, fate intervened. The original candidate turned the job down, and Thornton got a second chance. He seized it – and never looked back.
Fast-forward nearly two decades, and that same sales executive worked his way up to become the CEO of Intrepid Travel, the world’s largest adventure travel company. Under his leadership, Intrepid has not only grown, but it has also set the benchmark for what a purpose-driven business can be.
"There’s an old-fashioned view that businesses solely exist to generate shareholder profit. I think in 2025, this is a fairly naive view, which typically engenders short-term behaviors and a desire to simply derive financial outcomes and profit," Thornton tells The CEO Magazine.
"Purpose-led businesses, on the other hand, are designed to benefit all stakeholders. I really believe in proving the business model that you can be commercially successful while simultaneously making a difference in the world."
Built on purpose
Intrepid Travel has always been about more than just tourism. Founded in 1989, the company carved out a niche in small-group adventure travel, offering immersive, responsible experiences long before sustainability became a corporate buzzword. But under Thornton’s leadership – and after ending its joint venture with TUI Group in 2015 – the company doubled down on its mission to be a force for good.
"Under TUI’s philosophy, the business was always very much about profit, profit, profit, which is somewhat expected in a FTSE 100 business," he explains. "But Intrepid’s philosophy has always been that profit is the output of what you do – not the reason for what you do.
"When we took the business back, we set out to do two things: one, we wanted to grow the market, which we called sustainable experience-rich travel. And the second thing we wanted to do was have a business with a strong purpose and commercial outcome."
While it’s really easy to measure growth – revenue, customer numbers, people engagement and profit, to name a few – it’s a lot more challenging to measure having a purpose.
"That’s what led us to B Corp," he says. "We made the commitment in 2015 – it took us three years to go through the incredibly robust process. But once we got B Corp certification, it gave us more credibility as a for-purpose business in the travel industry."
The B Corp difference
Intrepid has gone through the certification process twice now. First in 2021 and then again in 2024.
"B Corp has given us a road map to continue to improve as a business. And it’s a sign of trust for our customers, employees and local communities that we work with – Intrepid does what it says it does," Thornton says proudly.
However, he’s quick to point out that having the certification isn’t a sign they’re done trying. Far from it.
"Being a B Corp doesn’t by any means mean we’re perfect," he says. "There are still many ways we can continue to improve. But this continual recognition of the certification and the score improvements we’ve delivered gives our customers, partners and the communities we work with the confidence that we are always trying to improve the organization."
While B Corp certification doesn’t necessarily lead to more customers booking trips, what it does do, Thornton says, is help in terms of employee engagement and talent acquisition.
"We’ve attracted some really wonderful talent," he says with a smile.
"My CFO, our group legal counsel and our Chief People Officer have all come to Intrepid because of our B Corp certification and what we stand for as an organization. That independent certification is someone else saying who we are, not just us.
"So from a talent retention and acquisition perspective, it’s been pretty game-changing for us."
Diversity as a competitive advantage
A company built on global experiences naturally thrives on diversity. For Intrepid, diversity, equity and inclusion (DEI) are essential to both the company’s success and its mission.
"Intrepid is made up of an incredibly mixed array of people. We have people from different races, religions, genders and ethnicities," Thornton reveals.
"And they provide fantastic experiences for our customers, opening up the world to them and showing them that while we might have differences, we actually have far more similarities.
"In visiting wonderful places across the world, DEI’s benefits become crystal clear: the world can be a better place by spending more time with people of difference."
Beyond the cultural and social benefits, he sees DEI as a competitive advantage.
"From a business outcomes point of view, everything performs better when we have diversity of thinking," he notes.
"By getting people from different backgrounds, countries, ages, genders and beliefs, we create an environment where innovation flourishes because people are challenged and things are questioned more often.
"Fundamentally, we believe DEI makes us a better organization. By having strong DEI initiatives in place, we can be a better team."
A new adventure of its own
Thornton acknowledges a fundamental challenge in the travel industry: even the most loyal Intrepid customers only book a trip every couple of years. That led to the creation of Intrepid’s More Than Tours strategy.
"We wanted to have different avenues to connect with our customers and have a relationship with them beyond just the trip once every 700 days," he says. "There are a few different ways we can do that.
One of those avenues, he says, is hospitality.
"We already book a million room nights a year through our tours. So why wouldn’t we get more into the vertical of the hotel experience?" he suggests.
Intrepid recently purchased Daintree Ecolodge, a 15-room boutique rainforest retreat in Queensland. Thornton sees it as a blueprint for a broader accommodation strategy, with properties in Australia and Europe, the Middle East and Africa already in the works.
"Daintree Ecolodge has provided us a methodology of attracting new customers and putting new eyeballs on Intrepid," he explains.
Expanding horizons
While Intrepid is still in the early stages of this strategy, early results suggest it has the potential to become a significant part of the company’s future. And its recent acquisition of Dutch tour operator Sawadee Reizen not only marks a major milestone, but it, too, helps provide further evidence that they’re onto a good thing.
"Sawadee is a business we’ve known for a very long time. So when the business became available, it was a natural move for us to acquire it," he says.
"It’s the second-largest operator in the Netherlands – rather than trying to go into the market and start something new, which would’ve taken a very long time, we could integrate an established operator with US$63.75 million in revenue and 20,000 customers."
The acquisition strengthens Intrepid’s position in the European market while leveraging its global supply chain network. Thornton sees it as a win–win, both for market expansion and for financial benefits.
"We’re really pleased to take the acquisition – it’s our 30th office globally, and the people in it are great," he adds.
Leading with ‘casual intensity’
Thornton describes his leadership approach as ‘casual intensity’, a phrase he borrowed from a French executive but has since made his own.
"To me, it’s casual in the sense that I don’t take myself particularly seriously. I really like having fun. We spend an enormous amount of time at work, so I want to enjoy being there," he says.
At the same time, however, he admits he’s also highly competitive and driven.
"I like achieving goals and creating something special, bigger and better. Ultimately, Intrepid’s vision is to change the way that people see the world. And if we’re going to do that, we need to be quite intense in trying to improve all the time so we can fulfill that vision," he says.
The CEO, who admits that he’s never been qualified for any of the jobs he’s ever done from the minute he joined Intrepid, shares that his success has really come down to giving it a go.
"I was never ready for any of the roles I was given," he admits.
"But when opportunities came my way, I kind of threw myself into them, worked really hard and surrounded myself with people who are way smarter than I am. As a result, I’ve been lucky to ride this wave and deliver some good results, creating a cool brand."
Record results
That’s putting it mildly. More than good results, under Thornton’s leadership, Intrepid is punching well above its weight.
"Two years ago, in 2023, we experienced record results across all metrics. We beat 2019, and then in 2024, we’ve grown even more extensively," he says with pride.
"Top-line revenue was up 20 percent in 2024. And we had the best customer engagement ever, best employee engagement, best purpose outcomes, and we were the most profitable we’ve ever been."
The driving momentum? It all comes down to spreading the word about what the company offers.
"We’re about 40 percent bigger than we were before," Thornton points out. "Intrepid has done a really good job in terms of its brand positioning and its distribution to market. We took some big, bold moves in terms of our out-of-home advertising.
"Intrepid is emblazoned across many of the transport networks in many cities around the world now – Sydney, Melbourne, New York City and London. It’s been about getting the awareness of our travel out there and getting Intrepid to become a bit more of a global iconic brand and household name."
The second thing, he says, is that the trends are currently in Intrepid’s favor.
"Increasingly, customers want more experiences over material possessions. And they want to buy from or work for companies that have true sustainability credentials," he adds.
"We’re riding off market dynamics and fundamentals, movement toward experience, toward putting money into local communities, toward getting out and seeing the world. At the same time, we’ve done some really good things with the business in terms of acquisitions and organic growth."
Meeting challenges head-on
Even with Intrepid’s strong momentum, it’s not immune to challenges. Thornton acknowledges that while the company’s growth trajectory is impressive, maintaining that pace will require a balance of innovation and discipline.
"We often have 10 ideas a day, we want them done by lunch and we’ve forgotten about them by the evening," he muses. "So I think it’s going to be a little bit of discipline around making sure that we focus on the right ideas and get the right levels of investment."
Beyond internal strategy, external factors also play a significant role in shaping the company’s future.
"Intrepid is always going to be slightly impacted by geopolitical events that take place. When conflicts in the Middle East occur, they can really be detrimental to our business in markets like Egypt, Jordan and Türkiye," he explains. "We have to ensure we have a good diversity of revenue streams, so we’re protected in instances like that."
Climate change also presents a major challenge. Thornton is candid about the reality that travel – by its very nature – contributes to the climate crisis.
"There’s no getting away from it," he says. "Customers fly all over the world to go on our trips and experiences."
But instead of simply accepting that’s the way it is, Intrepid remains committed to decarbonizing itineraries and encouraging more sustainable travel behaviors. The company also promotes longer stays in destinations, reducing domestic flights in favor of train and bus travel and ensuring that as much money as possible stays within local communities.
"It’s really important that companies like ours, who are B Corps and have a good history of taking action on decarbonization, continue to push the agenda," he says.
The future of business
At the core of Thornton’s vision for Intrepid is the idea that businesses don’t have to choose between profit and purpose.
"We are a for-purpose business. One that tries to balance delivering a strong commercial outcome with strong purpose outcomes. Sometimes, people associate this with left-wing hippies or non-governmental organizations [NGOs]," he says.
"But what I’m trying to prove with this business model is that if you are commercially successful, it doesn’t mean you’re doing harm in the world. And equally, if you’re doing good in the purpose and impact space, it doesn’t mean you have to be an NGO."
He sees a future where businesses are held to a higher standard.
"We need to get away from the short-term mentality of growth and profit over anything else and at the expense of the planet," Thornton insists.
For Intrepid, that means continuing to push the boundaries of what’s possible in sustainable travel, proving that adventure and responsibility aren’t mutually exclusive. And as Thornton’s own story has shown, sometimes the right opportunity comes when you least expect it. What matters is what you do with it.