8-KLeadership ChangesRegulation FDExhibits & Filings

Expedia Group, Inc. 8-K Report, Executive Changes (Dec 19, 2024)

Filed December 19, 2024For Securities:EXPE

Summary

Expedia Group, Inc. (EXPE) has announced a significant leadership change with the appointment of Scott Schenkel as its new Chief Financial Officer (CFO). Mr. Schenkel, a seasoned executive with extensive experience at eBay and General Electric, is set to assume the role after the company files its annual 10-K report. His appointment signals a new phase for Expedia's financial leadership, bringing in a CFO with a strong track record in e-commerce and financial operations. The terms of Mr. Schenkel's compensation have been detailed, including a substantial base salary, significant signing bonuses spread over two years, and robust severance packages in case of a qualifying termination. He will also receive a notable initial equity grant and is eligible for substantial annual equity awards, aligning his incentives with the company's long-term performance. This move is aimed at reinforcing the company's financial strategy and executive team.

Key Highlights

  • 1Scott Schenkel appointed as the new Chief Financial Officer (CFO), effective after the filing of the Form 10-K.
  • 2Mr. Schenkel brings over 30 years of financial leadership experience, including prior roles as Interim CEO and CFO at eBay.
  • 3Annual base salary for Mr. Schenkel will be $1,000,000.
  • 4Total signing bonuses amount to $5,200,000, payable in two installments.
  • 5Comprehensive severance package includes 12 months of salary continuation, accelerated equity vesting, and COBRA premium payments upon qualifying termination.
  • 6Initial equity grant includes 87,163 restricted stock units with a staggered vesting schedule.
  • 7Mr. Schenkel is eligible for annual equity awards with a target value of $10,000,000 starting in 2025.

Frequently Asked Questions

Scott Schenkel's appointment as CFO is effective on the day after Expedia Group, Inc. files its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. His employment with Expedia is expected to commence on December 30, 2024.

Mr. Schenkel has over 30 years of global business and financial leadership experience. Notably, he served as the Interim CEO of eBay Inc. and previously as its Senior Vice President and Chief Financial Officer from 2015 to 2019. His experience also includes extensive financial leadership roles at eBay Marketplace and General Electric Company.

His compensation includes an annual base salary of $1,000,000, signing bonuses totaling $5,200,000 (paid in installments), an initial equity grant of 87,163 restricted stock units, and eligibility for annual equity awards with a target value of $10,000,000 starting in 2025. He will also receive relocation assistance.

In case of a qualifying termination (termination by Expedia without cause or by Mr. Schenkel for good reason), he is entitled to 12 months of continued base salary (offset by other earnings), acceleration of equity vesting (with specific conditions for performance-based and less frequent vesting awards), payment of COBRA continuation coverage premiums for 12 months, and a prorated portion of any unpaid signing bonus.