RealTime IT News

Priceline Names Top Exec

After having sailed through what he called "significant industry challenges," the chairman of name-your-own price travel company Priceline.com has again named a CEO, appointing company president Jeffery H. Boyd to the position.

Boyd had been sharing the CEO duties with Chairman Richard S. Braddock.

Braddock named himself to the top job in May of last year following the ouster of Daniel H. Schulman, Priceline.com's prior president and chief executive officer.

Braddock had also served as Priceline.com's CEO from July 1998 to May 2000. Priceline has been down a long turn-around road after a host of problems caused its share price to plunge to as little as $1.06 from a high of more than $100 a share. It's currently trading in the $2-plus range.

Now, Braddock, 60, will continue as Priceline.com's non-executive chairman.

Boyd joined the company in January 2000, coming from a position as executive vice president and general counsel for Oxford Health Plans.

Priceline's troubles began early in the fall of 2000 when its advertising was called into question and consumer complaints resulted in a state investigation. The company later bailed out of the grocery business as its stock began to go into free fall.

Earlier this month the company posted a somewhat surprising third quarter loss of $24.3 million, or 11 cents per share, and said it will lay off about 65 employees.