Priceline CEO Darren Huston Resigns

(RTTNews) - Priceline Group (PCLN) said that its Chief Executive Officer Darren Huston has resigned from the Company, effective immediately. The Company has appointed former CEO and current Chairman Jeffery Boyd as Interim Chief Executive Officer and President of The Priceline Group while the Board conducts a search to name a successor.

Huston resigned following an investigation overseen by independent members of the Board of Directors of the facts and circumstances surrounding a personal relationship that Mr. Huston had with an employee of the Company who was not under his direct supervision.

The investigation determined that Mr. Huston had acted contrary to the Company's Code of Conduct and had engaged in activities inconsistent with the Board's expectations for executive conduct, which Huston acknowledged and for which he expressed regret.

Boyd is a 16-year veteran of The Priceline Group, previously serving as President and Chief Executive Officer from 2002 to 2013, during which time he led the Company through a period of significant global expansion and growth in stockholder value.

Prior to serving as President and Chief Executive Officer of the Company, Mr. Boyd was the Company's President and Co-Chief Executive Officer from August 2002 to November 2002 and Chief Operating Officer from November 2000 to August 2002. He previously served as the Company's Executive Vice President, General Counsel and Secretary from January 2000 to October 2000.

The company also announced that current Booking.com President and Chief Operating Officer Gillian Tans has been named Chief Executive Officer of Booking.com, a Priceline Group subsidiary, replacing Huston who also served as CEO of this business unit. Ms. Tans has been a leader at the company since 2002, most recently serving as Booking.com's President since January 2015 and Chief Operating Officer since September 2011, responsible for leading the development and execution of Booking.com's business strategy and directly overseeing all aspects of the brand's operations.

An independent committee of the Board of Directors overseen by Mr. Guyette will work to identify Chief Executive Officer successor candidates.