Due to a fight over Expedia’s strategy, the company announced that CEO Mark Okerstrom and CFO Alan Pickerill are stepping down.
After the announcement, the shares of Expedia climbed 6.2% and Expedia Chairman Barry Diller will be managing the day-to-day operations. He will oversee its executive leadership tea as the board will focus on a plan for long-term leadership.
Expedia’s chief strategy officer, Eric Hart will serve as the chief financial officer. According to Diller, the leadership changes resulted from a disagreement over strategy between senior management and the board.
The company aims at simplifying its portfolio of brands as the company is in the midst of a broad reorganisation.
Shares of Expedia climbed 6.2% on Wednesday following the announcement.
Expedia Chairman said that Expedia had embarked on an ambitious reorganisation plan earlier this year with the goal of bringing the brand and technology together in a more efficient way.
The reorganisation is sound in concept and resulted in material loss of focus on the current operations which caused disappointing third-quarter results and lackluster near-term outlook.
The Board did not comply with the outlook and the departing leadership’s vision for the growth and believed that the company can accelerate growth in 2020. With more than 13 years of service to Expedia, Mark Okerstrom is a talented executive, the board wished the best for the future as the same for Alan Pickerill.
Diller mentioned the situation as unfortunate and difficult situation and was a part of a ‘new beginning’ at the company.
Tags: Barry Diller, Expedia
