Technology

Board disagreement sees Expedia’s CEO and CFO depart

Expedia Group has announced the shock resignation of chief executive Mark Okerstrom and chief financial officer Alan Pickerill, effective immediately.

Expedia 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.

Eric Hart, Expedia’s chief strategy officer, 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 of Expedia Business Services.

Alan Pickerill

Diller said the departure of Okerstrom (pictured above) and Pickerill was ultimately the outcome of a disagreement on strategy between Expedia’s senior management and the board.

“Earlier this year, Expedia embarked on an ambitious reorganisation plan with the goal of bringing our brands and technology together in a more efficient way.

“This reorganisation, while sound in concept, resulted in a material loss of focus on our current operations, leading to disappointing third quarter results and a lacklustre 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.

“That divergence necessitated a change in management. Mark Okerstrom is a talented executive and his 13 years of service to Expedia has greatly benefited the enterprise. The board and I wish him the best for the future, as we do for Alan Pickerill.”

Expedia has also announced a new share repurchase authorisation for up to an additional 20 million shares of the company’s common stock, which is in addition to the nine million shares available under its existing authorisation.

Accordingly, Expedia now has approximately 29 million shares available under its repurchase program.

Diller said he will purchase additional shares in the company “as a tangible sign of my faith in and commitment to Expedia’s long-term future”.

SEE WHAT PEOPLE ARE SAYING

Leave a Reply

Tourism

Federal govt announces “most significant” insolvency reforms in 30 years to help save struggling small businesses

Is your business on its last legs? Find some relief in this major announcement by the federal government.

Share

CommentComments

Hotels

Crystalbrook to take over boutique Brisbane hotel

The independent hospitality company has gone all arty-farty in expanding its east coast footprint.

Share

CommentComments

Cruise

WATCH: Dream Cruises produces delightfully cringeworthy safety video

Dream Cruises has taken a leaf out of the airline playbook by turning its safety instructions into a fun video. It’s overly cheesy, but kinda cute.

Share

CommentComments

Travel Agents

MTA agent wins coveted spot on Dutch famil

With the famil stopping in Amsterdam along the way, you’d hope this agent will remember to pack some extra-clear eye drops and plenty of snacks.

Share

CommentComments

Wholesalers

Collette releases 2021/22 travel guide with seven new tours

Tell your clients to get ready to gorge themselves on arancini and caponata because three of the seven new trips involve the jewel of the Italian south: Sicily!

Share

CommentComments

Aviation

Qantas scraps Wallabies sponsorship, makes nearly $1m selling fully-stocked bar carts

We’ve mixed the good news with the bad here in this Qantas story, so get ready to smile and frown.

Share

CommentComments

Hotels

Hotel Wrap: Crowne Plazas ready to return, W Brisbane’s Extreme WOW Suite + MORE

This week’s Hotel Wrap is so huge that we’ve nicknamed it ‘Goliath’. However, that’s not to suggest you should start slingshotting stones at it if your name is David.

Share

CommentComments

Cruise

Norwegian co-founder and cruise titan Knut Kloster dies

Kloster was not only a titan of the cruise industry, but also a humanitarian and environmentalist.

Share

CommentComments

Travel Agents

Flight Centre fills Infinity Holidays void, opening up The Travel Junction to all agents

As part of its plan to streamline its product support areas, Flight Centre will use TTJ to service Infinity’s old clients, plus some cheeky new ones.

Share

CommentComments

Aviation

Qantas workers likely to receive thousands in unpaid wages after airline loses JobKeeper court case

The Flying Kangaroo’s cost-saving targets just became a little harder to hit after this court decision.

Share

CommentComments

Destinations

These are the world’s most complained about attractions

All up, people have spent more than 17 days complaining about the landmark that made the top of this list. That’s a lot of negative Nancies.

Share

CommentComments

Wholesalers

TTC commits to new sustainability goals, plans to be carbon-neutral by 2030

Meanwhile, we’re reducing our carbon footprint by strapping a tiny solar panel to our office dog. We’re not sure what’s it’s powering, but he looks very cute.

Share

CommentComments