HomeAway CEO Steps Down to Make Way for Former Expedia Executiveby
Expedia acquired HomeAway last year for $3.9 billion
John Kim, veteran Expedia executive, to replace Brian Sharples
HomeAway, the vacation-rental business acquired by Expedia Inc. last year to fend off competition from Airbnb Inc., is changing leadership.
Brian Sharples, who co-founded HomeAway in 2005, took it public in 2011 and oversaw its takeover for $3.9 billion by Expedia last December, stepped down as chief executive officer. He will remain HomeAway chairman through January. John Kim, an Expedia executive who was made chief commerce officer at HomeAway earlier this year, will lead the unit with the title of president, Expedia said in a statement.
Bellevue, Washington-based Expedia bought HomeAway, which lets regular homeowners rent out their property to visitors, as a defensive move against Airbnb, which has upended the travel industry by letting people rent out spare bedrooms or entire apartments to strangers.
Expedia has already made big changes to HomeAway. It introduced a booking fee that helped bring in $172 million in revenue in the quarter that ended July 28. HomeAway had more than 1 million bookable listings as of the end of that period.