Mark Okerstrom, president, chief executive officer of Expedia Group Inc., walks the grounds after the morning session at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Friday, July 13, 2018.
David Paul Morris | Bloomberg | Getty Images
Expedia announced Wednesday that CEO Mark Okerstrom and CFO Alan Pickerill will be stepping down from their roles at the company.
Shares of Expedia climbed as much as 5.3% following the announcement.
In a statement, Barry Diller, chairman of Expedia’s board of directors, said the move was being made as a result of a disagreement over strategy.
“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,” Diller said in a statement. “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.”
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