Expedia Group announces immediate resignations of CEO and CFO
Expedia Group announced (04-Dec-2019) the immediate resignations of Mark Okerstrom as CEO and a member of the board of directors and CFO Alan Pickerill. Other changes include:
- Expedia Group chairman Barry Diller and vice chairman and director of Expedia Peter Kern will oversee the company's executive leadership team, managing day-to-day operations, while the board determines long term leadership;
- Expedia chief strategy officer Eric Hart will serve as acting CFO;
- Ariane Gorin, who most recently served as president of Expedia Partner Solutions, is being promoted and will have an expanded role as president Expedia Business Services.
Mr Diller said the changes occurred because "senior management and the Board disagreed on strategy". Earlier in 2019 Expedia launched a reorganisation plan which, "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" said Mr Diller. He added that 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" and that divergence "necessitated a change in management". [more - original PR]