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Major shakeup at Expedia

Dec. 04, 2019 9:11 AM ETExpedia Group, Inc. (EXPE) StockEXPEBy: Clark Schultz, SA News Editor9 Comments
  • Expedia Group (NASDAQ:EXPE) announces the resignation of CEO Mark Okerstrom and CFO Alan Pickerill, effective immediately.
  • Chairman Barry Diller and Vice Chairman Peter Kern will oversee the company's executive leadership team, managing day-to-day operations, while the Board determines the long-term leadership of the company.
  • Chief Strategy Officer Eric Hart will serve as acting CFO.
  • The company also announces a new share repurchase authorization for up to 20M million shares, which is on top of the 9M shares available under the current buyback plan.
  • Barry Diller on the shakeup: "Ultimately, senior management and the Board disagreed on strategy. 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. 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. The Board disagreed with that outlook, as well as the departing leadership's vision for growth, strongly believing the Company can accelerate growth in 2020."
  • Diller says he will be buying shares in Expedia as an indication of his confidence in the company's new path.
  • EXPE +4.15% premarket to $103.50.
  • Source: Press Release

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