Expedia's chief financial officer will be promoted to CEO, the company said on Wednesday.
Mark Okerstrom will take over for Dara Khosrowshahi as president and CEO of the travel tech conglomerate. Khosrowshahi was recently named CEO of Uber. His job begins on Tuesday but Khosrowshahi will remain on Expedia's board. (Expedia owns CarRentals.com.)
"Prior to Dara leaving, Mark Okerstrom was his principal partner in operating the company — and therefore this transition is as natural as water flowing down a snow-packed mountain. There was no other candidate that the Board considered," Expedia Chairman Barry Diller, boss of IAC's media and tech business, said in a statement. Khosrowshahi said Okerstrom is "a tireless, strategic, and steadfast leader."
Okerstrom, already a familiar face for Wall Street, got a warm reception, as shares rose slightly after hours. He has an MBA from Harvard and cut his teeth at Bain & Company. He'll have to use those skills to keep a leg up on Priceline.
Priceline shares are up nearly 24 percent so far this year, while Expedia shares are up nearly 27 percent year-to-date.