NEW YORK - After
just a year in the post, Erik Blachford, IAC Travel's CEO, will
step down early next year.
IAC/InterActiveCorp said its chief financial officer, Dara
Khosrowshahi, will succeed Blachford.
An IAC Travel
spokesman said Blachford resigned because he prefers working at
companies on an operational level. Plus, he wants to spend time
with his family, including a newborn, and hopes to participate in a
triathlon.
IAC Travel, which
encompasses Expedia, Expedia Corporate Travel, Hotels.com, Hotwire,
Interval International and Classic Custom Vacations, saw its
revenue climb 24% in the third quarter to $570.5
million.
But IAC Chairman
and CEO Barry Diller noted recently that IAC Travel's all-important
hotel business is feeling the squeeze from higher occupancy rates
and heightened competition from other online players.
Apurva Shah, an
analyst for CIBC World Markets, said, "Erik Blachford's leaving is
understandable. From the sound of it, he's leaving voluntarily,
although a little sooner than expected."
Khosrowshahi is a
"logical replacement," Shah said, since he helped Diller in the
formation of USA InterActive, IAC's predecessor company.
Does the change
at the top of IAC Travel signal a new direction?
"We think our
course is a good one and we're going to stick to it," said the IAC
Travel spokesman.
Blachford will
remain in his post until the end of January and will help
Khosrowshahi with the transition.
IAC Travel is
close to appointing a new chief financial officer, said the
spokesman.
To contact
reporter Dennis Schaal, send e-mail to[email protected].