SEATTLE, Dec. 4, 2019 /PRNewswire/ -- Expedia Group,
Inc. (NASDAQ: EXPE) today announced the resignation of Mark Okerstrom as CEO and a member of the Board
of Directors and CFO Alan Pickerill,
effective immediately.
Barry Diller, Chairman of the
Board, and Vice Chairman Peter Kern,
Director of Expedia, 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, the Company'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, Expedia Business Services.
The Company also announced today a new share repurchase
authorization for up to an additional 20 million shares of the
Company's common stock, which is in addition to the 9 million
shares available under the Company's existing
authorization. Accordingly, the Company now has approximately
29 million shares available under its repurchase program.
Chairman Barry Diller said
"Ultimately, senior management and the Board disagreed on strategy.
Earlier this year, Expedia embarked on an ambitious reorganization
plan with the goal of bringing our brands and technology together
in a more efficient way. 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. 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."
"I will be purchasing additional shares in the Company as a
tangible sign of my faith in and commitment to Expedia's long-term
future," added Diller.
Vice Chairman Peter Kern said,
"While we share and understand the investment community's
unhappiness with our third quarter results and how 2019 has shaped
up overall, we are keenly focused on the future and all of the
opportunities ahead of us. We believe there is significant
opportunity for Expedia to grow revenue and margins in what is a
still a very dynamic online travel industry. The Company has an
exceptionally strong and deep executive leadership team in place.
Barry and I, as well as the entire Board, look forward to working
closely with them in the period ahead, as well as over the
long-term. Additionally, we intend to use our strong balance sheet
to continue and amplify our stock repurchase program, given our
belief that the market currently undervalues our company."
Mr. Diller has been Chairman of the Board of Expedia Group since
February 4, 2002 when
IAC/InterActiveCorp ("IAC") acquired a controlling interest in
Expedia and has been Senior Executive of Expedia since the
completion of the Company's spin-off from IAC on August 9, 2005.
Mr. Kern has been a director of Expedia Group since 2005 and has
served as Vice Chairman of Expedia Group since June 2018. Mr. Kern was most recently CEO and
board member of Tribune Media Company and is Managing Partner of
InterMedia Partners VII, LP, a private equity firm. Mr. Kern
also serves as Chairman of Hemisphere Media Group, Inc., and is on
the board of Trivago N.V.
About Expedia Group
Expedia Group (NASDAQ: EXPE) is
the world's travel platform. We help knock down the barriers to
travel, making it easier, more enjoyable, more attainable and more
accessible. We are here to bring the world within reach for
customers and partners around the globe. We leverage our platform
and technology capabilities across an extensive portfolio of
businesses and brands to orchestrate the movement of people and the
delivery of travel experiences on both a local and global basis.
Our family of travel brands includes: Brand Expedia®, Hotels.com®,
Expedia® Partner Solutions, Vrbo®, Egencia®, trivago®, HomeAway®,
Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®,
Expedia Group™ Media Solutions, Expedia Local Expert®,
CarRentals.com™, Expedia® CruiseShipCenters®, Classic Vacations®,
Traveldoo®, VacationRentals.com and SilverRail™.
© 2019 Expedia, Inc. All rights reserved. Trademarks and logos
are the property of their respective owners. CST: 2029030-50
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