“We very much wanted an internal candidate to succeed to the CEO position, and following a comprehensive search, the Board determined Ariane was the best candidate given her exemplary leadership,” said Barry Diller, Expedia’s chairman and senior executive.
Expedia, which is relying on a single platform to draw more consumers to its collection of online companies, announced on Thursday that Peter Kern, its CEO, had resigned after four years and that Ariane Gorin would assume the position.
Over 15% of the company’s shares dropped during extended trading.
According to the corporation, Kern will remain a member of the board and vice chairman of the company, closely collaborating with Gorin to facilitate a seamless transition.
Having worked for Expedia for over ten years, Gorin most recently held the position of president of Expedia for Business, where she oversaw the company’s B2B partner network, advertising division, and worldwide supply partner group.
“We very much wanted an internal candidate to succeed to the CEO position, and following a comprehensive search, the Board determined Ariane was the best candidate given her exemplary leadership,” said Barry Diller, Expedia’s chairman and senior executive.
Gorin will get a one-time $100,000 relocation payment in addition to an annual base salary of $1.25 million under the terms of the agreement.
On May 13, Gorin, an executive at Microsoft from 2003 to 2013, would assume leadership of the online travel company.
In a related development, the company’s fourth-quarter profit exceeded projections because of a consistent demand for travel within the US.
LSEG data shows that on an adjusted basis, it made $1.72 per share, exceeding analysts’ projections of $1.68 per share.
Sales increased 10% in the fourth quarter to $2.89 billion, slightly exceeding projections of $2.88 billion.
Also read: “Fail Fast Learn Fast and Move On”
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