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[Appointment] Expedia appoints new CEO

Expedia Group said its Board of Directors has appointed Peter Kern, Expedia Group’s Vice Chairman, to serve as CEO and appoints Eric Hart, Expedia’s Chief Strategy Officer and acting Chief Financial Officer, as the Group’s Chief Financial Officer.

Peter Kern, who will continue to serve as Vice Chairman of the Expedia Group board, was running the company with Chairman and Senior Executive Barry Diller since then-CEO Mark Okerstrom was ousted in early December.

The process of appointing Peter Kern has parallels to that of naming Mark Okerstrom as the new Expedia Group CEO when he replaced Dara Khosrowshahi in that position in August 2017.

Expedia Group also announced raising USD 3.2 billion of capital, consisting of a USD 1.2 billion private placement of perpetual preferred stock and warrants and USD 2 billion in new debt financing. As of David Sambur, co-Lead Partner at Apollo and Greg Mondre, co-CEO and Managing Partner at Silver Lake will join the Board of Directors upon the closing of the transaction, which is expected on May 5, 2020.

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