New Expedia CEO Mark Okerstrom will make a $1 million annual base salary for his role as the company’s top executive, the same as his predecessor Dara Khosrowshahi.
Expedia today disclosed financial packages for Okerstrom, as well as Alan Pickerill, who is filling Okerstrom’s old post of chief financial officer. In addition to his base salary, Okerstrom has the option to purchase 300,000 shares of Expedia stock at the current closing price of $142.13. The stock options would vest in 2021, should Expedia stock have an average closing price of $200 from September 2020 to September 2021 or March to September 2021.
Pickerill, the new CFO and former head of investor relations, will be paid a $450,000 base salary.
Okerstrom took over as Expedia’s financial chief in 2011 and helped guide the company through a series of acquisitions, including Trivago, Orbitz, and HomeAway. Before taking the CFO gig, Okerstrom was Expedia’s secretary. Prior to joining the online travel giant, he was a consultant with Bain & Company in Boston and San Francisco. Earlier in his career, he was stationed in London, working with UBS Investment Bank and practicing law with Freshfields Bruckhaus Deringer.
Prior to his selection as CEO, it was rumored that Okerstrom would leave Expedia along with Khosrowshahi, who Uber tapped to be its new CEO. Okerstrom told GeekWire in a recent interview that he is not planning a radical change of direction for Expedia as he takes over the top job.
“My hope is that we can go a little bit faster or a lot faster on some of the things that we’re already doing,” Okerstrom said.