Expedia Group reveals employees’ reduction, CEO relocation
Date
2/28/2024 4:39:44 AM
(MENAFN) Expedia Group, a prominent player in the travel and tourism industry, has unveiled plans for a significant restructuring effort that will see approximately 1,500 employees impacted. The company has initiated the process of notifying affected employees, with operations expected to undergo institutional and technological adjustments. This strategic move aims to streamline operations and enhance the company's competitive edge in a rapidly evolving market landscape.
The restructuring process, set to unfold throughout the current year, comes with an anticipated cost ranging between 80 and 100 million dollars. This budget encompasses various expenses, including end-of-service benefits and compensation packages for employees affected by the layoffs. Expedia Group emphasizes its commitment to supporting departing employees through this transition period, ensuring they receive appropriate assistance and compensation.
In tandem with these organizational changes, Expedia Group has also disclosed a forthcoming leadership transition. CEO Peter Kern is slated to retire on May 13, marking the conclusion of an impactful tenure at the helm of the company. Despite stepping down from his role as CEO, Kern will maintain an influential position within the organization, assuming the role of Vice Chairman of the Board of Directors. This transition underscores Expedia Group's commitment to continuity and strategic leadership as it navigates through this period of transformation.
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