CodeGen
http://admin.travelmole.com/images/stories/2009/images/expedialogo2(1).png

Published on Friday, April 24, 2020

Expedia secures multi-billion dollar funding and names new chief






Expedia is raising $3.2 billion to weather the Covid-19 storm as it announced a new permanent chief executive.


The dramatic slump in travel demand due to the pandemic will lead to furloughs and top executives will take pay cuts.


The new funding comes from equity investments totaling  $1.2 billion from PE firms Apollo and Silver Lake and an additional $2 billion in debt.


Expedia's immediate goal now is 'to conserve cash, survive, and use this time to reconstruct a stronger enterprise' said chairman Barry Diller.


Diller announced current board vice chairman Peter Kern as new CEO.


"In these last five months, he has shown outstanding leadership in all aspects of the business, first in a wide reorganization and then dealing with the impact of the Corona crisis on our business," Diller said of Kern.


"He now knows all aspects of the business, and we are truly lucky that he is now available to devote his full time to Expedia."

Story Image



Your Comments

, be the first to post a comment.
Your email:






Email other comments made to this story


NOTE: Comments are subject to admin approval before being posted.
Mole Poll
Are you worried about redundancy ?
YES 52.46 %
NO 47.54 %

Thank you for your vote



What is GoodtoGo?

Submit your news
or special offer


Current UK Special Edition



Current US Special Edition



Current Asia/Pacific Special Edition



LATEST 'MOLE VIDEOS

Recovery Update: Cambodia, Vietnam, Myanmar, Laos, & China , with Mekong Tourism (Aug 5 )

James Thornton CEO of Intrepid Travel talks exclusively to TravelMole

Pure Michigan is prepared, protected and open for business - Next step International arrivals

Travel Industry Virtual Wellness Day Video

UPCOMING EVENTS
\m