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Expedia Group on Thursday said it appointed Peter Kern CEO, secured $3.2 billion in financing from two prominent private equity companies, and announced that it will be implementing furloughs and reduced work hours.
The company also stated that it will be eliminate issuing dividends to shareholders until its business recovers from the coronavirus crisis.
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 company also announced that Eric Hart will become Expedia Group’s chief financial officer.
The financing announced Thursday is for $3.2 billion, including $1.2 billion in preferred stock, and $2 billion in debt financing. The equity investment comes from Apollo Global Management and Silver Lake, and is larger than the $1 billion that the Wall Street Journal reported had been under discussion earlier this week.
However, Skift reported Tuesday that the financing would likely be more than $1 billion, although we said it would likely come in stages.
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