Barry Diller comment ons during the CNBC Next 25 Gala in New York on Nov. 6, 2014.
David A. Grogan | CNBC
Expedia Chairman Barry Diller foresaw analysts he’s determined to reset the travel company’s “all life and no work” corporate culture, since he took over the attendance following an executive shakeup last December.
On Expedia’s fourth-quarter earnings call Thursday, Diller compared Expedia’s work-life equiponderance to fellow Seattle-based tech company Amazon, which he said was the opposite. By comparison, Expedia has become “sclerotic and inflated” 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 swayed. “That is not damning our employees. But for several years, we really lost clarity and discipline. So we’re changing a great deal.”
The say discusses came after Expedia reported results for the fourth quarter. The company beat on the bottom line and forecast double-digit rectified EBITDA growth for 2020. Expedia also said it’s targeting $300 million to $500 million of run-rate set someone back savings across its business.
Shares of Expedia climbed 11% on Friday.
Diller and Vice Chairman Peter Kern captured over the day-to-day operations at Expedia after former CEO Mark Okerstrom and CFO Alan Pickerill stepped down in December. At the straightaway, Diller said the leadership changes resulted from disagreements over strategy between senior management and the stay.
On the call, Diller said the company doesn’t plan to conduct a search for a new CEO. Diller added that, moving back, he intends to cut down on “wasteful activities that weren’t core” to the business.
That includes streamlining units take a shine to the company’s home rental platform Vrbo, which Diller described as a “bunch of disparate businesses, brands, all floor the world” and reprioritizing Expedia’s air business.
“We’re stopping doing dumb things and starting to do what we think are good articles,” Diller said.