Expedia Group Inc EXPE shares are trading higher on Wednesday after the company announced management changes and initiated a 20 million share buyback program.
Expedia CEO Mark Okerstrom and CFO Alan Pickerill have resigned. Chairman Barry Diller and vice chairman Peter Kern are to oversee executive leadership team while the board determines the leadership of the company. Diller has been chairman of Expedia since 2002.
"Ultimately, senior management and the Board disagreed on strategy," Diller said in a press release. "Earlier this year, Expedia embarked on an ambitious reorganization plan with the goal of bringing our brands and technology together in a more efficient way. This reorganization, while sound in concept, resulted in a material loss of focus on our current operations, leading to disappointing third quarter results and a lackluster near-term outlook."
Expedia's stock traded up 7.2% to $106.08 per share at time of publication.
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