Travel, Internet, Expedia Group Inc, Amazon.Com Inc

Travel, Internet

Media mogul Barry Diller blasts Expedia's corporate culture: 'It was all life and no work'

Media mogul Barry Diller blasts Expedia's corporate culture: 'It was all life and no work'

14.2.2020

Media mogul Barry Diller blasts Expedia's corporate culture: 'It was all life and no work'

Diller said Expedia's work-life balance was the opposite of Amazon, which he described as 'all work and no life.'

an executive shakeup last December. On Expedia's fourth-quarter earnings call on Thursday, Diller compared Expedia's work-life balance to fellow Seattle-based tech company Amazon , which was "all work and no life." 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 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 as much as 10.3% in early trading 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 from their roles last 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 re-prioritizing Expedia's air business. "We're stopping doing dumb things and starting to do what we think are good things," Diller said. VIDEO Read more: CNBC

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