Priceline CEO Resigns After Relationship With Employee
April 28 2016 - 9:20AM
Dow Jones News
Priceline Group Inc. on Thursday said Chief Executive Darren
Huston resigned after an internal investigation found that his
relationship with a Priceline employee violated the company's code
of conduct.
The online travel agent said Mr. Huston had resigned effective
immediately. The board has launched a search for a replacement and
appointed its chairman and former chief executive, Jeffrey Boyd, as
interim CEO.
Priceline said an investigation by independent directors
uncovered Mr. Huston had a relationship with another employee "not
under his direct supervision." The company said his activities were
"inconsistent with the board's expectations for executive conduct,
which Mr. Huston acknowledged and for which he expressed
regret."
Mr. Huston, a former Microsoft Corp. executive who joined
Priceline in 2011, has been CEO since January 2014. Under his
separation agreement, Mr. Huston won't receive any severance and
will forfeit a portion of his equity-based awards.
Write to Drew FitzGerald at andrew.fitzgerald@wsj.com
(END) Dow Jones Newswires
April 28, 2016 09:05 ET (13:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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