Expedia leadership team in shock resignation

Wednesday, 04 Dec, 2019 0

Expedia Group chief executive Mark Okerstrom and chief financial officer Alan Pickerill have suddenly resigned after clashing with the board over their reorganisation plans.

Chairman Barry Diller and his vice-chairman Peter Kern have rapidly stepped in to oversee the company’s leadership team.

Okerstrom had been with the Seattle-based company for 13 years and took over as chief executive just over two years ago, roughtly at the same time as Pickerill, who joined in 2008, became CFO.

But they are understood to have disagreed with the board over plans to simplify its portfolio, which includes Hotels.com and Trivago, and compete for customers with the likes of Airbnb and Google.

"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," Diller said in a statement today.

"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."

Expedia has also announced a new share repurchase plan, making a total of 29 million available. Diller, who became chairman in 2002 when his InterActiveCorp acquired a controlling interest in Expedia, said he would buy additional shares in the group ‘as a tangible sign of my faith in and commitment to Expedia’s long-term future’.

Linsey McNeill

Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk

Babble is a leading technology business that is reimagining how we do work. Founded in 2001, the company works with...

The Mexico Tourism Board serves as the driving force behind Mexico’s global appeal, orchestrating targeted marketing campaigns to showcase the...

Jet2.com is the UK’s third largest airline, flying from ten UK airports to more than 60 destinations across Europe and beyond....

In the heart of Europe, in one of the most innovative cities in the world, at the centre of business,...

Cunard is the operator of luxury cruise ships Queen Mary 2®, Queen Victoria® and Queen Elizabeth®. Renowned for impeccable White...

In 2019, Buffalo Tours and Olympus Tours joined the Flight Centre Travel Group (FCTG) family and formed Discova. With the...

STA was established to support the growth of the travel and tourism sector by serving the needs of tourism companies...

Local spices spike the fragrant air of Morocco. Cradled by the dunes of the Sahara, the Kingdom has been inhabited...

Classic Collection is where travel expertise and personal service combine to create the perfect luxury holiday. Our travel agent partners...

Some describe it as a natural playground. Some say, it’s simply unique as it offers a great array of travel...

We are the UK’s leading Canada travel experts Canadian Affair Company Information Founded in 1995, Canadian Affair offers an...

Swallows and Amazons is a Brazilian adventure tour company run by the husband and wife team of Tania and Mark...

Princess Hotels & Resorts is a hotel chain specialising in holiday and urban hotels located in first class tourist destinations,...

Arival advances the business of creating amazing in-destination experiences. We provide events, insights, and community for creators and sellers of...

Home to America’s Best Beaches, a vibrant arts community and amazing outdoor experiences, St. Pete/Clearwater is a sunny destination that...

If you’re thinking of cruising, there’s a very good chance you’re considering a Carnival cruise. Growing since our founding in...

Located in the heart of the Northeast and within easy driving distance of a third of the population of the...

Destination British Columbia (Destination BC) is a Provincially funded, industry-led Crown corporation that supports a strong and competitive future for BC’s...