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Priceline CEO steps down over relationship with employee | Priceline CEO steps down over relationship with employee |
(4 months later) | |
Priceline Group Inc said its chief executive, Darren Huston, has resigned effective immediately, following an investigation into a personal relationship with an employee that violated the company’s code of conduct. | Priceline Group Inc said its chief executive, Darren Huston, has resigned effective immediately, following an investigation into a personal relationship with an employee that violated the company’s code of conduct. |
The investigation, which involved an employee who was not under his direct supervision, determined that Huston had engaged in activities inconsistent with the board’s expectations for executive conduct, Priceline said. | The investigation, which involved an employee who was not under his direct supervision, determined that Huston had engaged in activities inconsistent with the board’s expectations for executive conduct, Priceline said. |
The travel website operator said Huston, who has been the company’s CEO since January 2014, had acknowledged his misconduct and expressed regret. | The travel website operator said Huston, who has been the company’s CEO since January 2014, had acknowledged his misconduct and expressed regret. |
“This did not involve issues about the company’s financial statements, accounting or internal controls over financial reporting,” Leslie Cafferty, a company spokeswoman, told Reuters in an email. | “This did not involve issues about the company’s financial statements, accounting or internal controls over financial reporting,” Leslie Cafferty, a company spokeswoman, told Reuters in an email. |
Huston will not receive any severance payments, the company said in a regulatory filing. | Huston will not receive any severance payments, the company said in a regulatory filing. |
“I am satisfied with the Board’s thorough review of this issue,” James Guyette, lead independent director who is also overseeing the CEO search, said in a statement. | “I am satisfied with the Board’s thorough review of this issue,” James Guyette, lead independent director who is also overseeing the CEO search, said in a statement. |
Chairman and former CEO Jeffery Boyd replaces Huston on an interim basis. | Chairman and former CEO Jeffery Boyd replaces Huston on an interim basis. |
Huston will also step down as CEO of Booking.com, a unit of Priceline. He will be replaced by Gillian Tans, Booking.com’s chief operating officer. | Huston will also step down as CEO of Booking.com, a unit of Priceline. He will be replaced by Gillian Tans, Booking.com’s chief operating officer. |
Huston’s resignation comes just days before the company is scheduled to report its second-quarter results on 4 May. | Huston’s resignation comes just days before the company is scheduled to report its second-quarter results on 4 May. |
Shares of the company were trading down 1.2% at $1,338 in premarket trading. They have gained 6.2% in value this year. | Shares of the company were trading down 1.2% at $1,338 in premarket trading. They have gained 6.2% in value this year. |
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