Expedia CEO & CFO Ousted After a Clash with the Board
Expedia’s Chief Executive Mark Okerstrom and Chief Financial Officer (CFO) Alan Pickerill had to forcefully resign from their reputed positions at the travel company after a disagreement with the board members. Following the resignation, Chairman Billy Diller stated that CEO’s disorganization has alienated Expedia from its long-term growth goals.
“Ultimately, senior management and the board disagreed on strategy,” Chairman Barry Diller said in a statement. After the surprise resignation, Expedia’s shares, which staggered 12% this year, rose nearly 8%. The number clearly depicts that the company has finally lost some dead weight.
In a statement, Diller announced that he would buy some shares to show “faith in and commitment to the company’s long-term future.” Currently, Expedia brands include Hotes.com, Orbitz, Travelocity, Hotwire, and CarRentals.com.
Mark Okerstrom became the CEO of the company in 2017. Prior to him, the current Uber’s CEO Dara Khosrowshahi headed the Expedia Group. Before becoming the face of the company, Okerstrom vaulted into various senior leadership positions since 2009.
Billy further explained, “This reorganization, while sound in concept, resulted in a material loss of focus on our current operations, leading to disappointing third-quarter results and a lackluster near-term outlook”.
Until company’s new CEO and CFO are not named officially, Diller and Peter Kern, Expedia’s Vice President, and Director will oversee the company’s day-to-day operations. Earlier this year, Former Group President Amar Bhutani departed from Expedia Group to become the CEO of the website hosting platform, GoDaddy.
As of now, Chief Strategy Offer Eric Hart has been named the acting CFO. Jon Gieselman, Apple’s Head of Marketing, was elected to fill Mark’s seat on the board. In a letter to the employees, the Chairman said, “We expect all of you (employees), regardless of where you reside in the company or how your role might have recently changed, to look to make the whole better – to simplify processes, to improve collaboration, and to set all of us up for success.”