Just days after Expedia was rocked by the impending departure of CEO Dara Khosrowshahi to Uber, the Board of Directors has signed off on the appointment of Mark Okerstrom to take the reins.
Currently Chief Financial Officer and Executive Vice President of Operations,Okerstrom will succeed Dara Khosrowshahi as President and CEO of Expedia.
Okerstrom will also join Expedia’s Board of Directors, while Khosrowshahi will continue to be a member of Expedia’s Board of Directors.
Expedia Chairman Barry Diller said, “We all wish Dara Khosrowshahi the best good fortune as Uber’s CEO. I think we are both proud that he leaves behind such a talented organisation.
“Our Leadership Team, over 12 strong, is as substantial a group of executives as I’ve ever worked with.
“Prior to Dara leaving, Mark Okerstrom was his principal partner in operating the Company – and therefore this transition is as natural as water flowing down a snow-packed mountain. There was no other candidate that the Board considered.
“Under Mark’s leadership, surrounded by his excellent and tenured executive team, I’m confident we’ll continue to grow and prosper.”
Dara Khosrowshahi said, “Mark has been by my side through every major milestone in this Company for much of the last 11 years and I’m passing these reins into the best hands.
“He is a tireless, strategic, and steadfast leader who has pushed me to be my best self while having Expedia, Inc.’s best interests front and centre at every step. I am incredibly excited to watch Expedia continue to flourish with his leadership.”
Okerstrom has served as Expedia’s Executive Vice President, Operations, and Chief Financial Officer since September 2011, previously serving as its Secretary from October 2011 until April 2012.
In his role as CFO, he held responsibility for all aspects of finance, then in 2014, Okerstrom’s role was expanded, adding responsibility for the Company’s eCommerce Platform Group which includes centralized technology, payments, risk, and global customer operations.
Okerstrom served as Senior Director, Corporate Development and Strategy, Vice President of Corporate Development and Strategy, and Senior Vice President of Corporate Development from 2006, when he joined, to 2011.
Prior to joining Expedia, Mr. Okerstrom was a consultant with Bain & Company in Boston and San Francisco, and worked with UBS Investment Bank in London. Prior to that, he practiced as an attorney with the global law firm of Freshfields Bruckhaus Deringer in London.
Mr. Okerstrom holds an MBA degree from Harvard Business School and a law degree from the University of British Columbia.