Orbitz looks to lower its operating costs further
January 9, 2009
Online travel operator Orbitz Worldwide Inc. said Wednesday that it named a new chief executive and will take further steps to lower its operating costs as it tries to cope with a slowdown in travel demand.
The company named Barney Harford, a former executive for Expedia Inc., to succeed President and Chief Executive Steve Barnhart, who resigned to pursue other interests.
In its latest round of cost cutting, Orbitz said it hopes to save an additional $20 million to $25 million a year. That is on top of the $20 million in annual costs reductions the Chicago-based company announced in November as part of a plan to cut its U.S. work force by 10 percent.