Huge Reorg at Expedia, CEO Out, Diller Takes Over

Mark Okerstrom, the CEO of Expedia and a veteran executive at the Seattle-based online travel giant, has resigned following a disagreement between senior leadership and the board, the company said on Wednesday. Chief Financial Officer Alan Pickerill also resigned. Barry Diller, chairman of the board, and vice chairman Peter Kern, will oversee the company's executive leadership team, managing day-to-day operations, while the board seeks replacements for the two executives. The resignations follow an Expedia shareholder meeting on Tuesday afternoon. It's unclear whether the decision to oust Okerstrom and Pickerill was made during that meeting. "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. 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. [caption id="attachment_370888" align="aligncenter" width="600"] Expedia Chairman Barry Diller. Photo credit: JD Las