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Expedia is not searching for a new CEO as employees worry about a sale - Business Insider

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Barry Diller told Expedia employees that it's not hunting for a replacement for its ousted CEO, and some insiders are worried the $16 billion company is heading for a sale

Barry Diller, Chairman and Senior Executive of IAC/InterActiveCorp and Expedia, Inc., smiles at the Wall Street Journal Digital Conference in Laguna Beach, California, U.S., October 17, 2017.simply click here to claim your deal and get access to all exclusive Business Insider PRIME content.

The role has been vacant since Mark Okerstrom resigned as CEO last month over a "disagreement" with the board. Okerstrom himself was the replacement for Dara Khosrowshahi, who famously left Expedia in 2017 to lead Uber. The news was shared with employees by Expedia Chairman Barry Diller, according to several people familiar with the matter, including at an all-hands meeting in December. At least for now, Diller – the media mogul who helped start the Fox and USA broadcasting companies – and Expedia vice chairman Peter Kern have taken over day-to-day operations at the company.

Expedia declined to share specifics about the CEO search, and declined to comment on whether the company is planning layoffs or exploring a sale. Diller has a unique position at Expedia. His official title at Expedia is "chairman and senior executive," which means he runs the board but also collects a salary. He gets perks, too, like personal use of the corporate aircraft. Expedia counted $600,000 in costs related to Diller's use of the aircraft as part of his 2018 compensation, according to a securities filing.

 

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