The Expedia Group announced that CEO Mark Okerstrom and CFO Alan Pickerill have resigned effective immediately, following a disagreement about the company’s future strategies at a recent shareholder’s meeting.
Chief Financial Officer Alan Pickerill also resigned.
In their place, Barry Diller, chairman of the board, and Peter Kern, vice chairman and director of Expedia, will oversee the company's executive leadership team and manage day-to-day operations; while Eric Hart, the company's chief strategy officer, will serve as acting CFO, until the company can find long-term replacements.
Diller has been Chairman of the Board of Expedia Group since 2002 and has been senior executive of Expedia since the completion of the company's spin-off from IAC in 2005. Kern has been a director of Expedia Group since 2005 and has served as vice chairman of Expedia Group since June 2018. He was most recently CEO and board member of Tribune Media Company.
The resignations apparently came about as a result of a difference of opinion regarding the company’s future during a shareholder meeting on Tuesday.
"Ultimately, senior management and the Board disagreed on strategy,” Diller said in a statement. “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.”
Additionally, Ariane Gorin, who served most recently as president of Expedia Partner Solutions, will be promoted to president of Expedia Business Services.
Diller and Kern plan to address Expedia employees in Seattle at a town hall meeting on December 19.