Expedia CFO And CFO Ousted By Board
Expedia Group Inc.'s chief executive, Mark Okerstrom, and chief financial officer, Alan Pickerill, will be resigning after they clashed with the board of directors over the future of the company, according to The Wall Street Journal.
Expedia's Chairman Barry Diller and Vice Chairman Peter Kern are steeping in temporarily while the company searches for individuals to fill the chief executive position, while the company's chief strategy officer, Eric Hart, will fill in at the chief financial officer role.
Over the past year, Expedia's share price is down over 10 percent. Last month, the company reported a disappointing third-quarter and shares plummeted more than 20 percent.
It seems Expedia shareholders were also pushing for the ousting of these executives. After the news was released about the resignation of both individuals, shares were up about 8 percent to $107.10. The board disagreed with management's outlook and vision for growth.
“That divergence necessitated a change in management,” Mr. 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.”
Expedia's CEO and CFO are resigning after they clashed with the board about the future of the company.