American travel company Expedia (EXPE - Get Report) on Wednesday announced that its board had approved the appointment of Mark Okerstrom, its CFO since 2011, as its new CEO and Executive VP of Operations.

Okerstrom takes over for Expedia's former President and CEO Dara Khosrowshahi, who has just accepted the CEO position at ride-hailing company Uber Technologies.

"There was no other candidate that the Board considered. Under Mark's leadership, surrounded by his excellent and tenured executive team, I'm confident we'll continue to grow and prosper," Expedia Chairman Barry Diller said.

Shares of Expedia closed lower on Wednesday.

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