Expedia Group Inc., a renowned travel company, recently announced that it would be letting go of approximately 1,500 employees. This step is a part of its plan for organizational and technological evolution.
The company, in its regulatory filing, further disclosed that the estimated pre-tax charges and cash expenditures related to this restructuring, which are expected to be noted in 2024, may range between $80 million and $100 million. This estimated total cost mostly includes the severance pay and compensation benefits for the employees being laid off.
Earlier this month, Expedia Group's CEO, Peter Kern, announced his decision to formally leave his position, effective from 13th May. Despite his resignation, Kern will continue to serve in the capacity of a Vice Chairman for the company.
Kern's shoes will be filled by Ariane Gorin, who has recently served as the President for Expedia for Business.
