This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.theguardian.com/business/2016/apr/28/priceline-ceo-resigns-relationship-employee

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
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.
Related: Priceline – the $60bn travel titan you may never have heard of
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.