(Reuters) – Expedia Group Inc (EXPE.O) said on Wednesday its chief executive officer and finance head had resigned with immediate effect following a disagreement with the board on the online travel company’s business strategy.
The company’s shares, which have lost about 12% this year, were up about 6% at $105.09 after the resignation of CEO Mark Okerstrom and CFO Alan Pickerill.
“Ultimately, senior management and the board disagreed on strategy,” Chairman Barry Diller said in a statement, adding that the company’s reorganization plan undertaken earlier this year had led to disappointing third-quarter results and a “lackluster” near-term outlook.
Expedia had reported a lower-than-expected profit for the first time in seven quarters last month.
Diller also said he would be purchasing additional shares in the company as a “tangible sign” of his “faith in and commitment to Expedia’s long-term future”.
Diller and Peter Kern, director of Expedia, will oversee the day-to-day operations of the company, while Eric Hart, its chief strategy officer, will serve as acting CFO.
Reporting by Soundarya J in Bengaluru; Editing by Maju Samuel