‘It was all life and no work’

ANASTASIA ZYG


Barry Diller speaks during the CNBC Next 25 Gala in New York on Nov. 6, 2014.

David A. Grogan | CNBC

Expedia Chairman Barry Diller told analysts he’s determined to reset the travel company’s “all life and no work” corporate culture, since he took over the company following an executive shakeup last December.

On Expedia’s fourth-quarter earnings call Thursday, Diller compared Expedia’s work-life balance to fellow Seattle-based tech company Amazon, which he said was the opposite. By comparison, Expedia has become “sclerotic and bloated” as the company lacked focus and direction, Diller said.

“Amazon was all work and no life, and at Expedia, it was all life and no work,” Diller said. “That is not damning our employees. But for several years, we really lost clarity and discipline. So we’re changing a great deal.”

The comments came after Expedia reported results for the fourth quarter. The company beat on the bottom line and forecast double-digit adjusted EBITDA growth for 2020. Expedia also said it’s targeting $300 million to $500 million of run-rate cost savings across its business.

Shares of Expedia climbed 11% on Friday.

Diller and Vice Chairman Peter Kern took over the day-to-day operations at Expedia after former CEO Mark Okerstrom and CFO Alan Pickerill stepped down in December. At the time, Diller said the leadership changes resulted from disagreements over strategy between senior management and the board.

On the call, Diller said the company doesn’t plan to conduct a search for a new CEO. Diller added that, moving forward, he intends to cut down on “wasteful activities that weren’t core” to the business.

That includes streamlining units like the company’s home rental platform Vrbo, which Diller described as a “bunch of disparate businesses, brands, all over the world” and reprioritizing Expedia’s air business.

“We’re stopping doing dumb things and starting to do what we think are good things,” Diller said.



Source link

Next Post

Carrier will go 'fully carbon neutral' next month

Delta Air Lines CEO Ed Bastian told CNBC on Friday the company is going “fully carbon neutral” starting March 1. “It’s a big challenge and it’s a big commitment,” Bastian said on “Squawk Box.” Delta is committing at least $1 billion over the next decade to reduce environmental impact, focusing […]
Carrier will go 'fully carbon neutral' next month

Subscribe US Now