After Priceline Group (NASDAQ: PCLN) CEO Darren Huston resigned in April following revelations that he had a personal relationship with an employee in violation of the company’s code of conduct, longtime executive Jeffrey Boyd stepped into the role as interim CEO until a replacement could be found. The travel site announced on Thursday it was naming Glenn Fogel, the current head of strategy and executive VP of corporate development — a position he’s held since 2010 — to assume the title on Jan. 1. Boyd will assume the role of executive chairman of board of directors at that time.
Priceline opened its investigation into Huston early this year after it received a tip from a whistleblower alleging the he was having extramarital relationship with a woman at the company.
Led by the travel agency’s independent directors, it found that while the employee was “not under his direct supervision,” Huston’s actions were “inconsistent with the Board’s expectations for executive conduct, which Mr. Huston acknowledged and for which he expressed regret.” It was also determined there was no misuse of company funds. As a result of his resignation, Huston lost stock grants estimated to be worth about $13.1 million.
Fogel was said to be “a primary driver” in Priceline’s acquisitions of Active Hotels, Booking.com, and Agoda.com, divisions that have since become key growth drivers for the company, though it’s increasingly facing greater competitive threats from Google, Expedia, and China’s Ctrip.com.
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