Expedia announced Wednesday that CEO Mark Okerstrom and CFO Alan Pickerill are stepping down because of a fight over the travel company’s strategy.
Shares of Expedia climbed 6.2% on Wednesday following the announcement.
Expedia Chairman Barry Diller will manage day-to-day operations and will oversee its executive leadership team. The board will focus on a plan for long-term leadership. Eric Hart, Expedia’s chief strategy officer, will serve as acting chief financial officer, the company said.
Diller said the leadership changes resulted from disagreements over strategy between senior management and the board. The company is in the midst of a broad reorganization that aims to simplify its portfolio of brands.
Expedia shares have underperformed this year, with shares down 6.3%. The stock came under further pressure after Expedia reported disappointing third-quarter results earlier this month. Okerstrom blamed poor visibility in Google search results and weak revenue in Expedia’s Vrbo and Trivago businesses for the earnings miss