Travel company Expedia has announced the appointment of its new CFO and CEO, with Eric Hart and Peter Kern filling the roles respectively.
Hart has been with the company for 11 years, holding positions across its strategy, business development, global M&A, investments and the Carrentals.com business. He was promoted from his previous post as acting CFO.
Chairman Barry Diller praised Hart for his actions during the Covid-19 pandemic.
Expedia announced Kern has been a member of the board since 2005, becoming vice chairman in 2018. In December 2019, Kern joined Diller in supervising the company.
Diller said: “In these last five months, [Kern] has shown outstanding leadership in all aspects of the business, first in a wide reorganisation and then dealing with the impact of the corona crisis on our business. He now knows all aspects of the business, and we are truly lucky that he is now available to devote his full time to Expedia.”
The news comes as the group reports $3.2bn (£2.57bn) of new capital. Compromising of an equity investment of $1.2bn (£960m) from Apollo and Silver Stake and a further $2bn (£1.6bn) in debt financing.
The chairman, CEO and members of the board have also forgone cash compensation for the rest of the year, with senior executives and members of the leadership team taking a 25% salary reduction for 2020.