In a transition described by chairman Barry Diller “as natural as water flowing down a snow-packed mountain”, Mark Okerstrom, executive vice president of operations and chief financial officer, has been made the new CEO of Expedia.
Okerstrom, who has worked at outgoing CEO Dara Khosrowshahi’s side for the past 11 years, will join Expedia’s Board of Directors, and Khosrowshahi will continue to be a member of Expedia’s Board of Directors.
In wishing Khosrowshahi “the best good fortune as Uber’s CEO”, Diller said, “There was no other candidate that the Board considered.”
Khosrowshahi called Okerstrom “a tireless, strategic, and steadfast leader who has pushed me to be my best self while having Expedia, Inc.’s best interests front and center at every step”.
Okerstrom speaking at the Expedia Partner Conference 2015: “What I do have is a passion for listening, for learning, and for organizational and self-improvement.”
Here’s the email Okerstrom wrote to Expedia employees, reprinted here in full.
Team Expedia,
Well well! These have been an eventful few days haven’t they!
By now I am sure that you have seen the news that I have accepted the role of President & CEO of Expedia, Inc. Having worked side by side with Dara for the past (nearly) 11 years, I know better than most the size of his shoes – big! He is a strong, visionary leader, has been a great mentor to many of us (me included), and I count him as a real friend. Somehow saying the standard “Please join me in thanking Dara and wishing him the best of luck in his new role” doesn’t quite cut it, does it?! So let me just express (on behalf of all of us), a heartfelt thanks to Mr. Dara Khosrowshahi for the tremendous legacy he has left us all. Uber is a very fortunate company.
Looking forward, let me start by saying that I am honored and humbled to have been entrusted to lead this great company of ours through its next phase of growth. We find ourselves in the enviable but equally daunting spot of being in a stronger position than perhaps we have ever been. Yet, we face competitive pressures as fierce as ever and see so much opportunity for improvement and growth ahead. Go Global, Go Faster, and Simply Do Better for Customers, Partners, Employees and Shareholders. So much more left for us to do together!
So what can you expect from me and for Expedia, Inc., going forward? In short, I would assume largely a continuation of the strategic course we have been on. I have been intimately involved in shaping the strategic and financial direction of this company for the past 11 years, so I actually do not have a long list of “Things to do completely differently when Dara leaves” burning a hole in my pocket. What I do have is a passion for listening, for learning, and for organizational and self-improvement. I have a deep curiosity for understanding how we can continue to be a better tech company and most importantly how we can more aggressively innovate to provide even more valuable products and services to our customers and partners alike. So in the near term…you will probably see me asking a lot of questions, listening and no doubt making a few mistakes here and there (apologies in advance J).
I am fortunate to be surrounded by the strongest Travel Leadership Team I have ever seen at Expedia, Inc., and objectively one of the strongest and deepest executive teams out there. The entire TLT, without exception is an extraordinarily committed bunch, who are all in this for the long haul. That said, though we are proud of how far we have come over the past decade plus, in true Expedia fashion, I can assure you that we are all hungry to be better….to truly reach the moving goal posts of realizing our full potential as a company. I believe in this company and I believe in you – I always have. And I know from watching Expedians in action over the years that, together, when we chart a clear course, stay focused and execute – we are a force to be reckoned with in the world of technology and travel.
I look forward to speaking with you all soon and I am super excited for this next chapter. Thank you in advance for continuing to make Expedia such a special place.
Mark
Meanwhile, there’s no rest for the company that’s declared its intention to be the first $100 billion travel company. Yesterday, it led a $26 million series B round in hotel tech startup ALICE, bringing total funding $39 million and making Expedia the startup’s majority shareholder.
ALICE offers services like check-in, requests for amenities and room service, communication with the concierge and more. In the last six months, ALICE says it’s grown its hotel customer base nearly 200 percent.
Expedia President of Lodging Partner Services Cyril Ranque said in a statement. “ALICE is developing smart mobile and cloud technology to fundamentally improve the hotelier and guest experience at scale. That’s a revolution worth investing in.”
