Investing.com - Expedia Inc's (NASDAQ:EXPE) shares were moving lower on Monday, with investors reacting to the potential departure of CEO Dara Khosrowshahi to take the top executive position at Uber, according to various media reports.
While neither Expedia or Uber have officially confirmed the news, Reuters has seen an internal memo from Expedia about Khosrowshahi's departure. In the memo, Expedia chairman says he believes Dara Khosrowshahi intends to take the Uber CEO job, but nothing is finalized.
Khosrowshahi held the CEO position at Expedia for 12 years, during which time the company experienced rapid growth, becoming one of the top companies in the online travel booking industry. Since Khosrowshahi has lead Expedia, its shares appreciated by about 600%.
Uber has been left without an official leader since controversial co-founder, and CEO Travis Kalanick resigned in June. His resignation followed a great deal of pressure from Uber's major investors following allegations of sexual harassment and poor workplace culture at Uber, which Kalanick had done little to control.
Expedia's shares were down about 4% Monday afternoon.