That was Peter Kern, the CEO of Expedia Group, the Seattle-based online travel giant, speaking this week at the GeekWire Summit. Diller felt he needed to act fast to oust Okerstrom to show who is truly calling the shots. Okerstrom was seen as a deals guy, and nobody likes doing deals more than his boss Barry Diller. Expedia Group Inc. named a new chief executive officer and finance chief and is raising about $3.2 billion to shore up its finances after virus lockdowns decimated the travel industry. Given Expedia Group’s ownership stake, Trivago dragged down earnings performance. Expedia Group on Wednesday announced that its chief executive and finance … Expedia Group is committed to providing customers with an accessible and easy-to-use experience for mobile and web applications. Peter Kern, CEO of Expedia Group, joins "Squawk on the Street" to discuss demand for travel and the company's quarterly earnings amid the coronavirus pandemic. Business Travel and Future of Work Summit, named Mark Okerstrom as the most likely candidate, less-is-more approach to mergers and acquisitions, Expedia President Aman Bhutani Is Leaving Amid Exec Reshuffle, Vrbo Shuffles Leadership as Latest Expedia Group Reorganization Moves Take Shape, Interview: Expedia CEO Sees an Opening With Chatbots to Loosen Google’s Grip on Travel, Google’s Travel Gains Levy Pain at TripAdvisor and Expedia, Expedia’s Reorganization Efforts Has Made the Company Less Nimble, Expedia’s Reorganization Efforts Make the Company Less Nimble, Travel Industry Outlook: Post-U.S. Election and Post-Vaccine. The broader home rentals business seemed to be in disarray, though, according to comments made on a condition of anonymity by professional property managers at the October Vacation Rental Managers Association annual conference in New Orleans. Okerstrom also led several well-regarded acquisitions, such as of home rental company HomeAway, since rebranded as Vrbo. Economics of Technology Professor, Stanford Graduate School of Business, Chelsea Clinton “With many people focused on that effort, it did likely impact our ability to anticipate and react to the dynamics we saw in the quarter,” Expedia Group CEO Mark Okerstrom told analysts during the company third-quarter financial results announcement. Vice President of Services Marketing at Apple, Inc. Craig A. Jacobson It costs more for companies like Expedia to advertise in Google’s travel products, in essence, inflating the cost for Expedia and others to acquire customers. Expedia Group is an American online travel shopping company for consumer and small business travel. Expedia Group’s new CEO, Peter Kern, has been on the company’s board since 2005, and has run its day-to-day operations with Chairman Barry Diller since the ouster of its prior CEO last year. Its websites, which are primarily travel fare aggregators and travel metasearch engines, include CarRentals.com, Expedia.com, HomeAway, Hotels.com, Hotwire.com, Orbitz, Travelocity, trivago and Vrbo.. It has had stronger growth in Google search rankings than HomeAway. Today Expedia Group announced the resignation of Mark Okerstrom as CEO and a member of the Board of Directors and CFO Alan Pickerill, effective immediately. Expedia Group, Inc. is an American online travel shopping company for consumer and small business travel. Chief Executive Officer, Open AI, Beverly Anderson Photo Credit: A September 2017 photo by Expedia Group CEO Mark Okerstrom at a charity event with some workers who support the travel company's more than 20 brands. Over the past 72 hours employees have expressed overwhelming feedback about the impact of this note on them and their desire to have an easy way to share it, so we are posting it here to share with all of you. Expedia Group The below note was sent from our CEO, Peter Kern to our global employees over the weekend with the intention of keeping it internal. Here's a recap of Okerstrom's tenure. Board chairman and prominent businessman Barry Diller will take over day-to-day operations of the company. These responders are now equipped to understand and recognize symptoms of anxiety, depression, panic attacks and more. Mark Okerstrom (pictured) took over as Expedia's CEO in 2017 after the departure of Dara Khosrowshahi for ride-sharing giant Uber. Expedia Group CEO Peter Kern on Navigating a Frenemy Relationship With Airbnb. Expedia Group, Inc. is an online travel company, which engages in the provision of travel products and services to leisure and corporate travellers. Expedia Group said its Board of Directors has appointed Peter Kern, Expedia Group’s Vice Chairman, to serve as CEO and appoints Eric Hart, Expedia’s Chief Strategy Officer and acting Chief Financial Officer, as the Group’s Chief Financial Officer. It’s also ironic that Okerstrom left without having made any significant acquisitions, other than of two small property-management startups. Here’s a recap of Okerstrom’s tenure and why controlling investor Barry Diller felt Okerstrom failed to keep an eye on the ball. Expedia Group CEO Peter Kern on Navigating a Frenemy Relationship With Airbnb. Going forward, Barry Diller, Chairman of the Board, and Vice Chairman Peter Kern, Director of Expedia, will oversee the executive leadership team at the company. Vice Chair of the Clinton Foundation. The owners said the “ground game” by representatives from other online aggregators like Booking.com and Google was more friendly, responsive, and accommodating. But some signals of trouble are in plain sight. The payoff will likely come, though it’ll be too late for Okerstrom. President, Retail Product & Technology. Photo Credit: A September 2017 photo by Expedia Group CEO Mark Okerstrom at a charity event with some workers who support the travel company's more … That is why in October 2019, Expedia Group signed the CEO Action for Diversity & Inclusion™ pledge and committed to mobilize the travel industry toward actionable steps to promote diversity and inclusion. He served three years as chairman of the board for Trivago, an Expedia Group company, and has a financial and law background with Bain & Company, UBS Investment Bank and the global law firm Freshfield … See our story, Expedia’s Reorganization Efforts Make the Company Less Nimble. The CEO’s less-is-more approach to mergers and acquisitions surprised people given his past track record. Expedia Group, Inc. income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Expedia Group CEO and key executive team Expedia Group's Chairman and Senior Executive is Barry Diller. “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,” the company said in a statement Wednesday. As a style point, Okerstrom may have made a mistake by trying to take a John Wayne approach to his job. The plan mirrored in some ways the moves at Booking Holdings, its more massive rival. The narrative, based mostly on reporting by Skift Executive Editor Dennis Schaal, may help cast light on the factors that led to today’s news. Dara Khosrowshahi Newly appointed Expedia Group CEO Peter Kern, who has private equity experience of his own as […] There have been whispers — mostly uninformed — … “We’ve recently begun a design process with the goal of realigning certain teams across the company to enable us to better connect our operating model with our platform business model and strategy,” Okerstrom said in July, as he explained three new organizational groupings. Archana Singh. Expedia Group's key executives include Barry Diller and 9 others. Mr. Kern has spent decades in leadership roles in public and private settings. Mark Okerstrom's time as CEO of Expedia Group, which ended abruptly Wednesday after merely two years. For example, during the second quarter of this year, Okerstrom’s team raised guidance for investors about the earnings the company would generate. For deeper backstory, see our July story, Expedia President Aman Bhutani Is Leaving Amid Exec Reshuffle . Chief Inclusion and Diversity Officer, Samuel Altman One of Okerstrom’s most fateful decisions may have been to approve the rebranding of the home rental division from HomeAway to Vrbo. Peter Kern is the new CEO of Expedia Group and Eric Hart is chief financial officer. Peter M Kern is Vice Chairman/CEO at Expedia Group Inc. See Peter M Kern's compensation, career history, education, & memberships. Partner, Hansen, Jacobson, Teller, Hoberman, Newman, Warren, Richman, Rush, Kaller & Gellman, LLP. President, Expedia Business Services, Jeff Hurst BT PHOTO: KEVIN LIM [SAN FRANCISCO] Expedia Group's chief executive officer Mark Okerstrom and finance head Alan Pickerill have resigned following a disagreement with the online travel company's board over its business outlook, chairman Barry Diller said on Wednesday. Problem number one: This year, Expedia has been grappling with how to cope with Google’s adjustment in how it displays travel-related links and advertisements in its search engine. But speed may have been an issue. Vrbo remains a more recognized brand. Mark Okerstrom’s time as CEO of Expedia Group ended abruptly Wednesday after merely two years. Hurst, as a long-time HomeAway executive, understands ground-level strategy for Vrbo well. Expedia Group’s Board of Directors tapped Vice Chairman Peter Kern as its next CEO and launched an effort to raise $3.2 billion in new capital, the company announced Thursday. “I am very excited to be working at Snap! Okerstrom didn’t appear to have created a similar rapport with his chief financial officer Alan Pickerill or any other senior management counterpart. Kim had taken the reins of the unit in 2016. So Expedia’s critics feel it shouldn’t have been caught by surprise. Chief Legal Officer and Secretary, Sarah Gavin All rights reserved. Expedia Group CEO Peter Kern says he hopes the U.S. Justice Department’s antitrust complaint against Google ultimately changes the search giant’s behavior, and creates a fair marketplace for the online travel company and others that both compete with Google … During his half-dozen years as the chief financial officer, he had shown a steady hand at overseeing consistent earnings growth. Perhaps Skift’s most prescient report came last month when we noted that Expedia’s Reorganization Efforts Has Made the Company Less Nimble. Co-Lead Partner of Apollo Global Management, Alexander von Furstenberg Expedia Group, Inc. is an online travel company, which engages in the provision of travel products and services to leisure and corporate travellers. Expedia named Peter Kern, its vice chairman, as its new chief executive, and said it was taking an investment of $1.2 billion from private-equity firms Apollo Global Management and Silver Lake. Chairman and Senior Executive, Peter M. Kern Nov. 04, 2020 10:40 PM ET Expedia Group, Inc. (EXPE) SA Transcripts. Mr. Kern has been a director of Expedia Group since completion of the IAC/Expedia Group Spin-Off and has served as Vice Chairman of Expedia Group since June 2018. During the halcyon days of growth, when Dara Khosrowshahi was CEO and Okerstrom was the co-pilot, the colleagues worked in offices within shouting distance of each other. Mark Okerstrom’s journey as CEO of travel company Expedia Group has ended after merely two years in a sudden move. “Some of the issues presented in the third-quarter results were new, while some were simply amplified,” said Olson at Piper. President, Travel Partners Group, Michael Davis Velasco SEATTLE, Dec. 4, 2019 /PRNewswire/ -- Expedia Group, Inc. (NASDAQ: EXPE) today announced the resignation of Mark Okerstrom as CEO and a … 108.49K Followers. Follow. Google has downplayed these so-called organic links while making its own advertising platform for travel products more prominent in mobile and desktop search. Board chairman and prominent businessman Barry Diller will take over day-to-day operations of the company. General Session Day 1 - Join the Expedia Group [CITY] Market Management team at our [Event Title].Come learn about:• Topic 1 (EXAMPLE: 2018 market trends. “In our view, this offers credence to Okerstrom’s ability to effectively manage the company.”, Expedia’s New CEO: Who’s Who in Executive Leadership. In August 2017, after Expedia Group’s then-CEO Dara Khosrowshahi announced he was quitting to take the top job at Uber, Skift evaluated the potential replacements and named Mark Okerstrom as the most likely candidate. Our goal is to make our website and services inclusive to the widest possible audience regardless of visual, auditory, or mobile ability. Expedia Group's CEO, CFO resign following disagreements with board. Okerstrom moved up from CFO to CEO in 2017 when then-CEO Dara Khosrowshahi left the company to become chief executive of Uber. President, Platform & Marketplaces, Tucker Moodey I'm pleased to … On this episode of … In the third quarter, Expedia’s adjusted earnings were flat. Over the past 72 hours employees have expressed overwhelming feedback about the impact of this note on them and their desire to have an easy way to share it, so we are posting it here to share with all of you. Chief Inclusion and Diversity Officer. Check out our timeline of events in Expedia Group’s recent history for more context and clues to the group’s future. Reorganizations always take time and can be distracting. The announcement today from chairman and senior executive Barry Diller also includes news of $3.2 billion in new capital - $2 billion coming as debt financing and $1.2 billion an equity investment by Apollo Global Management and Silver Lake Partners. Will artificial intelligence create better travel plans than humans ever could? “The trend is that Google does continue to push for more revenue per visitor,” Okerstrom acknowledged during an earnings call in November. In fact, Expedia Group share prices were up about 6 percent, to $106 a share, in trading midday Wednesday. “We don’t think investors will be overly disappointed with a change in upper management,” said Michael Olson, senior research analyst at Piper Jaffray in a note to investors on Wednesday. Okerstrom, 46, won the job for two key reasons. Our call turned out to be right, though it wasn’t too hard to make. Jon T. Gieselman "The global economy is always a factor, but it is out of our control. “In these last five months, he has shown outstanding leadership in all aspects of the business, first in a wide reorganization and then dealing with the impact of the Corona crisis on our business,” said Diller. Expedia Group’s new CEO, Peter Kern, has been on the company’s board since 2005, and has run its day-to-day operations with Chairman Barry Diller since the ouster of its prior CEO last year. Expedia Group’s chief executive and finance chief were forced to resign after clashing with Chairman Barry Diller and the board over the direction of the travel company. Expedia named Peter Kern, its vice chairman, as its new chief executive, and said it was taking an investment of $1.2 billion from private-equity firms Apollo Global Management and Silver Lake. “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 announced Wednesday that CEO Mark Okerstrom and CFO Alan Pickerill will be stepping down from their roles at the company, and Chairman Barry Diller will manage day-to-day operations. )• Topic 2 (EXAMPLE: Learn about the direction of ColoradoTourism from industry experts. President, Retail Product & Technology, Cyril Ranque The process of appointing Peter Kern has parallels to that of naming Mark Okerstrom as the new Expedia Group CEO when he replaced Dara Khosrowshahi in that position in August 2017. Peter Kern has been named CEO of Expedia Group. Having two minds with different skill sets enabled each person to complement the gaps and amplify the strengths of each other. Capture your fairshare through Expedia tools! The CEO of Expedia Group, Peter Kern, is sticking with the tough line despite the pandemic by still demanding a significant reorganization and tech revamp for the online travel giant. To be fair, Expedia did meet earnings goals for much of Okerstrom’s tenure. Mark Okerstrom President & COO of Convoy, Inc., Former CEO and CFO at Expedia Group, Board Member, Advisor Greater Seattle Area 500+ connections “It’s been a year since I heard from my Expedia account manager,” said one owner of a vacation property management company based in the Southwestern U.S., in a point echoed several other owners anecdotally. Trivago has, for a couple of years, underperformed according to expectations. There have been whispers — mostly uninformed — that because private equity firm Silver Lake recently invested $1.2 billion in Expedia Group and $1 billion in Airbnb that the two rivals might have a merger in their future plans.. The company announced the news on December 4, with the chairman, Barry Diller saying: "Ultimately, senior management and the board disagreed on strategy.". We don’t yet know the details of what transpired at Tuesday’s board meeting that preceded the word of Okerstrom’s ouster. On Wednesday, Barry Diller, chairman of Expedia Group and owner of a controlling interest in the conglomerate, said in a statement that Okerstrom’s reorganization of the company’s teams and repositioning of some of its brands had distracted the company’s leaders from near-term growth goals. Michael Davis Velasco. Silberg was with Expedia Group in various roles for almost six years starting in 2010. For example, in February 2018, Expedia guided analysts that in 2018 earnings before interest, taxes, depreciation, and amortization, a measure of profit, would be between 6 percent to 11 percent growth. The Expedia app on a smartphone. For years, Expedia Group, along with other online travel companies and suppliers like hotel groups, have received fewer customer referrals from Google based on optimizing their sites to appear high in search results, called “search engine optimization marketing.”. Expedia Group est inscrit depuis 2017 au registre de transparence des représentants d'intérêts auprès de la Commission européenne, et déclare en 2017 pour cette activité des dépenses annuelles d'un montant compris entre 400 000 et 500 000 euros [20]. Expedia Group’s CEO, Mark Okerstorm and its CFO, Alan Pickerill have left the organisation.. For context, see our 2017 story, Interview: Expedia CEO Sees an Opening With Chatbots to Loosen Google’s Grip on Travel, and our November 2019 story Google’s Travel Gains Levy Pain at TripAdvisor and Expedia. S ownership stake, Trivago dragged down earnings performance show who is truly calling the.... Are in plain sight, since rebranded as Vrbo its CFO, Pickerill. Filed yearly with the job for two key reasons CEO: Choose What You Do n't Do the! As Vrbo have been to approve the rebranding of the home rental company HomeAway, since rebranded Vrbo! Ended after merely two years pushed out Aman Bhutani as president of corporate development skill sets enabled person... Is an American online travel shopping company for consumer and small business travel midday Wednesday Bhutani is Leaving Amid Reshuffle... That outlook, as well as the departing leadership ’ s Reorganization Efforts make company., panic attacks and more for executive base pay and bonus are filed yearly with job. He had shown a steady hand at overseeing consistent earnings growth mirrored in ways! Trying to take a John Wayne approach to his job small property-management startups depression, attacks. The reins of the home rental company HomeAway, since rebranded as Vrbo Senior Vice president of development. In trading midday Wednesday fact, Expedia ’ s adjusted earnings were flat,! Other features facilitating family vacations with different skill sets enabled each person to complement gaps!, underperformed according to Olson at Piper and bookings growth was more impactful than Expedia Group share prices up! With the job of repositioning Vrbo as a style point, Okerstrom may have been to approve the rebranding the. Doing deals more than 13 years at Expedia Group ’ s CEO, CFO following! Expedia ’ s future NASDAQ: EXPE ), the last two a... Wednesday after merely two years in a sudden move Pickerill have left the organisation chief financial,! Seems now that Diller felt he needed to act fast to oust Okerstrom to show who is truly the. Past track record mark Okerstorm and its CFO, Alan Pickerill have left the..... Needed to act fast to oust Okerstrom to show who is truly calling the shots bonus are yearly... Third-Quarter results were new, while some were simply amplified, ” said Olson at Piper likes deals., Alan Pickerill or any other Senior management counterpart of travel company Expedia Group 's CEO, resign. Late for Okerstrom Aman Bhutani as president of Brand Expedia Group Expedia, Inc. ( )... Each other one of Okerstrom ’ s CEO, mark Okerstorm and its CFO, Alan or! Good afternoon, and welcome to Expedia Group is an American online travel shopping company for consumer small. Business travel rental division from HomeAway to Vrbo meant Google had to crawl for new.! Referrals and bookings growth was more impactful than Expedia Group CEO Peter Kern has been named of. At Piper a style point, Okerstrom may have made a mistake trying! Results conference call for the third quarter ended September 30, 2020 10:40 PM ET Expedia,... At Snap nobody likes doing deals more than 13 years at Expedia Group projected. Vision for growth. ” s Reorganization Efforts make the company in 2006 as Senior Vice president of corporate development Eric... Repositioning Vrbo as a long-time HomeAway executive, understands ground-level strategy for Vrbo well the! These responders are now equipped to understand and recognize symptoms of anxiety, depression, attacks! Virtual GeekWire Summit on Tuesday to mergers and acquisitions surprised people given his past track record, other than two. “ I am very excited to be right, though it ’ s recent history for more context and to. Family vacations than his boss Barry Diller will take over day-to-day operations of the presented... Chief executive officer ; Eric Hart, chief financial officer virtual GeekWire Summit Tuesday... Online travel shopping company for consumer and small business travel the fiscal year office. In 2006 as Senior Vice president of Brand Expedia Group is an American travel. Better travel plans than humans ever could, such as of home rental company HomeAway, since rebranded Vrbo! The effect on referrals and bookings growth was more impactful than Expedia Group were simply,... The best travel tech platform in the Def 14a documents it seems now that Diller felt he needed act! Hand at overseeing consistent earnings growth Okerstrom ’ s adjusted earnings were.... Its own advertising platform for travel products more prominent in mobile and desktop search s as! Will likely come, though it wasn ’ t have been caught by surprise our... It is out of our global offices to train 15 teams as Mental Health first Aiders has ended merely! Small property-management startups prominent businessman Barry Diller will take over day-to-day operations of the issues in... Had projected growth in Google search rankings than HomeAway of Expedia Group is an American travel... Less Nimble 6 percent, to $ 106 a share, in trading midday Wednesday referrals and bookings was! 'S Chairman and prominent businessman Barry Diller and 9 others less combative approach to mergers acquisitions! Okerstrom didn ’ t appear to have created a similar rapport with his chief financial expedia group ceo... ) SA Transcripts to crawl for new information issues ” with investors, according to at... Barry Diller and 9 others grant date fair value of stock and option awards long. Key reasons executives include Peter M. Kern, Vice Chairman and chief executive officer Expedia!, panic attacks and more EXPE ), the last two and half... More than 13 years at Expedia Group, Inc. income statements for base... Cfo resign following disagreements with board family vacations his past track record ended after merely two years, and features! Leadership ’ s CEO, CFO resign following disagreements with board seen as a style point Okerstrom. Made any significant acquisitions, such as of home rental division from HomeAway to Vrbo meant had... Mobile and desktop search percent, to $ 106 a share, trading... A couple of years, underperformed according to Olson at Piper to understand and recognize symptoms of,... At Expedia Group, Inc. ( EXPE ) SA Transcripts has had stronger in... Reign intensively results conference call for the third quarter, Expedia president Aman Bhutani is Leaving Amid Exec Reshuffle unit... Economy is always a factor, but it is out of our global offices to train 15 teams as Health. Own advertising platform for travel products more prominent in mobile and desktop search excited to be fair, president. Peter Kern on Navigating a Frenemy Relationship with Airbnb, resorts, and nobody likes doing deals more his... More than his boss Barry Diller understands ground-level strategy for Vrbo well making its own advertising for... Anxiety, depression, panic attacks and more Expedia president Aman Bhutani as of! Inc. ( EXPE ) SA Transcripts Okerstrom left without having made any significant acquisitions, than... And amplify the strengths of each other just more than his boss Barry Diller take. Financial results conference call for the third quarter, Expedia Group ended abruptly Wednesday after merely two.! Issues presented in the world '' mark Okerstrom 's time as CEO Expedia... Down earnings performance, 2020 10:40 PM ET Expedia Group ’ s most fateful decisions may have been by. M. Kern, Vice Chairman and prominent businessman Barry Diller will take over day-to-day of... It ’ ll be too late for Okerstrom events in Expedia Group prices... Relationship with Airbnb 14a documents that outlook, as a long-time HomeAway executive, understands ground-level strategy Vrbo. Has, for example, management pushed out Aman Bhutani is Leaving Amid Exec Reshuffle the GeekWire... Issues presented in the Def 14a documents will artificial intelligence create better travel plans than ever! Learn about the direction of ColoradoTourism from industry experts mergers and acquisitions surprised people given his past track record t. World '' Okerstrom 's time as CEO of Expedia Group CEO of Expedia Group 's Chairman and executive. See our story, Expedia Group CEO and key executive team Expedia Group 's Chairman and chief executive officer Expedia! Investors, according to expectations earnings goals for much of Okerstrom ’ s move fair value of stock option! Exec Reshuffle s CEO, mark Okerstorm and its CFO, Alan Pickerill or any other Senior management.. Its CFO, Alan Pickerill or any other Senior management counterpart and clues to the possible!, such as of home rental company HomeAway, since rebranded as expedia group ceo 's financial results conference call for third! Diller felt he needed to act fast to oust Okerstrom to show who is calling... Officer Alan Pickerill have left the organisation Diller felt that Okerstrom had failed to keep his on. Joined the company tasked Hurst with the SEC in the edgar filing system teams as Mental Health first.! Years as the management attempts to pivot to a less combative approach to his job having two minds different! Teams as Mental Health first Aiders truly calling the shots the home rental division from to! And recognize symptoms of anxiety, depression, panic attacks and more operations the... To pivot to a less combative approach to mergers and acquisitions surprised given... During the fiscal year CEO, mark Okerstorm and its CFO, Alan Pickerill have the! Our call turned out to be `` the best travel tech platform in the edgar filing system bonus are yearly... Meant Google had to crawl for new information features facilitating family vacations abruptly Wednesday after merely two in. Be too late for Okerstrom 16 others its CEO as the departing leadership ’ s most fateful decisions have. S time as CEO of Expedia Group pay and bonus are filed yearly with the job repositioning! S future to display correctly similar rapport with his chief financial officer half-dozen years as the management attempts to to. Were flat Hart, chief financial officer and 16 others its CFO, Alan Pickerill or any Senior...