“Everyone knows the role of the CEO is to set the strategy and build the right team,” says Gorin. “But I think the biggest thing I’ve learnt is that the role of the CEO is also setting the culture.”

She is careful not to overstep. “When you lead an organisation, particularly if you grew up in that organisation, you know how to do various roles.” But, even though she would “get an adrenaline hit” from signing a marketing contract: “I have to think about the things that only I can do, as chief executive.”

Gorin’s first big goal was to turn around the consumer-facing side of Expedia, which was “not in as healthy a state as it should be”. Vrbo and Hotels.com were shrinking after a heavy focus on technological upgrades meant “losing what made each brand distinct”, she says. Her reboot plan included appointing new executive teams for each division and bringing a clearer focus to each product.

Vrbo and Hotels.com returned to growth before the end of 2025 and the company’s business-to-consumer revenues grew 2.1 per cent last year to US$9.5 billion. That was faster than 2024’s 1.5 per cent growth but below the 18 per cent that pushed Expedia’s B2B revenues to US$4.8 billion.

Still, recent fears about AI disruption and travel uncertainty due to the conflict in the Middle East have worried investors. Expedia’s share price has doubled during Gorin’s time as chief executive, but is down 5 per cent this year. Booking, which owns brands including Booking.com, Priceline and Agoda, is down 15 per cent.

Online travel agencies are facing a “battle for traffic” with AI companies, Bank of America analyst Justin Post wrote in a note.

Gorin is confident investors are misreading the company’s prospects. Travel is typically a “high-stakes purchase” and consumers will continue to value the brand recognition, trust and support services offered by Expedia, she says, even if it is not the cheapest option: “Travel is not like buying a T-shirt.”

She believes there is “a big difference between being in an advertising business, where you are helping advertisers attract traffic, and doing the actual fulfilment of a booking”. Expedia, for example, has to deal with amendments, cancellations and practical complaints: “If you book something and then it turns out, oh, the pool is closed, and we didn’t tell you that upfront, you’re not going to be happy.”

Loyalty discounts and benefits are part of its defence against the threat of AI. “People want to be recognised,” says the chief executive.

Hotel groups such as Hilton and Marriott also offer incentives and bonuses to persuade customers to book directly through their own sites and save on commissions paid to platforms such as Expedia. Gorin stresses that Expedia can offer these across all kinds of bookings — not just a single type of product or brand of hotel. “In this massive industry, there are already a lot of different ways that people can book.”