Expedia CEO Peter Kern resigns, Ariane Gorin to take the top job By Reuters

© Reuters. Figurines are seen in front of the Expedia logo in this illustration taken February 27, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) – Expedia (NASDAQ:) said on Thursday that Peter Kern had resigned as CEO after four years in the role and that Ariane Gorin would take over the reins, as it bets on a unified platform to attract more customers to its clutch of online brands.

Shares of the company fell more than 15% in extended trading.

Kern will continue to serve as the company’s vice chairman and member of the board, working closely with Gorin to ensure a smooth transition, the company said.

Gorin, who has been with Expedia for more than a decade, was most recently president of Expedia for Business, where she led global supply partner group, advertising business and B2B partner network.

“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.

Under the terms, Gorin will receive an annual base salary of $1.25 million and a one-time relocation payment of $100,000.

Gorin, who was also an executive at Microsoft (NASDAQ:) between 2003 and 2013, will take the helm of the online travel firm on May 13.

Separately, the company beat estimates for fourth-quarter profit, driven by steady demand for travel in the United States.

On an adjusted basis, it earned $1.72 per share, ahead of analysts’ estimates of $1.68 per share, according to LSEG data.

Fourth-quarter sales rose 10% to $2.89 billion, edging past estimates of $2.88 billion.

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