Expedia CEO replaced in revamp after disagreement over strategy
Seattle-based travel company Expedia is replacing their CEO. CNBC reports an email released by the company says that senior management and the board fundamentally disagreed on strategy.
CEO Mark Okerstrom and CFO Alan Pickerill will be stepping down in the midst of a mass reorganization which aims to streamline their array of brands.
“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,” Expedia Chairman Barry Diller said in a statement. “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.”
While shares of Expedia climbed 6.2 percent following the announcement, the stock has underperformed this year, partially due to low third-quarter results.
Expedia recently began moving a portion of its 4,500 employees from Bellevue to the new headquarters in Interbay, with the rest of expected to make the transition by February.