Expedia CEO, finance chief ousted in boardroom shakeup
Two top Expedia executives were effectively ousted over board disagreements regarding the company’s business strategy.
CEO Mark Okerstrom and CFO Alan Pickerill have stepped down.
Chairman Barry Diller called it an ‘unfortunate and difficult situation’ but a necessary one.
Diller will take over day-to-day operations while Expedia’s chief strategy officer Eric Hart will serve as acting chief financial officer.
There were significant disagreements over strategy between senior management and other board members, Diller said.
"Earlier this year, Expedia embarked on an ambitious reorganization plan with the goal of bringing our brands and technology together in a more efficient way," Diller said in a note to staff.
"This reorganization resulted in a material loss of focus on our current operations, leading to disappointing third quarter results. The Board disagreed with the departing leadership’s vision for growth, strongly believing the company can accelerate growth in 2020. That divergence necessitated a change in management."
Expedia has also announced a new share repurchase plan, making a total of 29 million available. Diller, who became chairman in 2002 when his InterActiveCorp acquired a controlling interest in Expedia, said he would buy additional shares in the group ‘as a tangible sign of my faith in and commitment to Expedia’s long-term future’.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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