SEATTLE - Expedia Group (NASDAQ: NASDAQ:EXPE) has appointed Ramana Thumu as its new Chief Technology Officer, the company announced today. Thumu will oversee the technology organization, which includes engineering, data, artificial intelligence, cloud platforms, and security. He is expected to leverage the company's recent investments in technology and platform to drive future growth.
Ramana Thumu brings over two decades of experience in leading transformative tech initiatives. His previous role was as Chief Product and Technology Officer at Fanatics Commerce, where he was responsible for the global tech and data strategy and the development of their Cloud Commerce Platform. Before Fanatics, Thumu spent ten years at eBay (NASDAQ:EBAY), contributing to the development of various platforms including data, advertising, and personalization.
Ariane Gorin, CEO of Expedia Group, expressed confidence in Thumu's ability to contribute to the company's growth, highlighting his successful track record in building tech platforms and his people-centric approach. Thumu, sharing his enthusiasm for joining Expedia Group, underscored his commitment to enhancing customer experience and driving travel innovation.
Thumu will join the company's Travel Leadership Team, reporting directly to Gorin, and will assume his role in December, based out of San Francisco.
This strategic appointment comes as Expedia Group continues to invest in technology to improve its offerings in the competitive travel industry. Thumu's experience is anticipated to be a strong asset to the company as it seeks to innovate and provide customers with enhanced travel experiences.
The information in this article is based on a press release statement from Expedia Group.
In other recent news, Expedia Group Inc. has been the subject of various analyst notes and company developments. BTIG maintained a Buy rating for Expedia, keeping a steady price target of $175, despite potential challenges from recent hurricanes. On the other hand, TD Cowen downgraded the company's stock from "Buy" to "Hold" due to concerns about the underperforming business-to-consumer sector.
Expedia's Vice Chairman, Peter Kern, has stepped down from his role and the Board of Directors, with no further details disclosed regarding a replacement. Other firms such as Truist Securities and Cantor Fitzgerald have initiated coverage on Expedia with a "Hold" and "Neutral" rating respectively, while B.Riley sustained its "Buy" rating, expressing optimism for the company's business-to-business offerings.
On the earnings front, Expedia's business-to-business segment marked $25 billion in bookings and over $100 million in room nights in 2023. The company's One Key loyalty program, which aimed to tie together Expedia, Hotels.com, and Vrbo in the US, has been paused internationally for reevaluation. These are the recent developments in the company.
InvestingPro Insights
As Expedia Group welcomes Ramana Thumu as its new Chief Technology Officer, investors may be interested in the company's financial performance and market position. According to InvestingPro data, Expedia's market capitalization stands at $20.45 billion, reflecting its significant presence in the travel industry.
The company's focus on technology and innovation is crucial, especially considering its impressive gross profit margin of 88.9% for the last twelve months as of Q2 2023. This high margin suggests that Expedia's technology-driven business model is effectively generating value from its revenue streams.
InvestingPro Tips highlight that Expedia's management has been aggressively buying back shares, which could indicate confidence in the company's future prospects and potentially support share prices. This aligns with the company's strategic moves, including the appointment of Thumu to drive technological advancements.
It's worth noting that Expedia's stock has shown strong performance, with a one-year price total return of 48.54% as of the latest data. The stock is currently trading near its 52-week high, with the price at 97.93% of its highest point over the past year. This positive momentum could be attributed to investor optimism about the company's strategic direction and growth potential.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights, with 11 more tips available for Expedia Group. These tips could provide valuable context for understanding the company's financial health and market position as it embarks on this new technological leadership.
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