Tags: expedia | ceo | cfo | resign

Expedia CEO, CFO Resign After Disagreement With Board

Expedia CEO, CFO Resign After Disagreement With Board
(Dollar Photo Club)

Wednesday, 04 December 2019 12:40 PM

Expedia Group Inc. said on Wednesday its chief executive officer and finance head had resigned with immediate effect following a disagreement with the board on the online travel company's business strategy.

The company's shares (EXPE), which have lost about 12% this year, were up about 6% at $105.09 after the resignation of CEO Mark Okerstrom and CFO Alan Pickerill.

"Ultimately, senior management and the board disagreed on strategy," Chairman Barry Diller said in a statement, adding that the company's reorganization plan undertaken earlier this year had led to disappointing third-quarter results and a "lackluster" near-term outlook.

Expedia had reported a lower-than-expected profit for the first time in seven quarters last month.

Diller also said he would be purchasing additional shares in the company as a "tangible sign" of his "faith in and commitment to Expedia's long-term future."

Diller and Peter Kern, director of Expedia, will oversee the day-to-day operations of the company, while Eric Hart, its chief strategy officer, will serve as acting CFO. 

© 2019 Thomson/Reuters. All rights reserved.

   
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Expedia Group Inc. said on Wednesday its chief executive officer and finance head had resigned with immediate effect following a disagreement with the board on the online travel company's business strategy.
expedia, ceo, cfo, resign
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2019-40-04
Wednesday, 04 December 2019 12:40 PM
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