Priceline CEO Resigns After Disclosure of Personal Relationship With Employee
Dennis Schaal
Photo Credit: Priceline
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Priceline Group CEO Darren Huston has resigned from his position, effective immediately, following a disclosure of a "personal relationship" with an employee, the company said today in an SEC filing.
Jeffrey Boyd, the former CEO and Chairman of the Board, is taking over as interim CEO. Huston had also served as CEO of Booking.com since 2011. Booking.com President and COO Gillian Tans will move into the CEO role at Booking.com. In a statement, Boyd said, “The culture of our brands and the quality of our leadership have been critical to the Group's success over the years. I commend Gillian on her promotion to CEO of Booking.com and I am confident she will do a great job leading the business."
Huston will get no cash bonus for 2016 or severance after an investigation found that he had a personal relationship with a female employee who was not under his direct supervision. The investigation into Huston's conduct was believed to have taken several weeks.
He must forfeit any unvested equity awards but gets to retain a prorated portion that Huston earned during his tenure. Huston also gets relocation expenses, per his employment agreement.
“This did not involve issues about the company's financial statements, accounting or internal controls over financial reporting," Priceline Group spokesperson Leslie Cafferty said. “This resignation was not related in any way to the company’s operational performance or financial condition.”
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