priceline.com's Schulman Gains Additional Post of CEO

priceline.com (PCLN Quote - Cramer on PCLN - Stock Picks), where you can name your own prices for airline tickets and groceries, named Daniel Schulman, the president and chief operating officer of the Web site, to the top job of chief executive officer on Monday.

Schulman replaces Richard Braddock, who will continue as pricelince.com's chairman.

Schulman joined priceline.com in June 1999. Before that, the 42-year-old spent 18 years at AT&T (T Quote - Cramer on T - Stock Picks), where he held a number of offices including executive vice president of the company, president of its consumer markets division, president of AT&T WorldNet and chief of marketing for the business marketing group.

Braddock, whose job has been largely focused on assembling priceline.com's management over the past two years, said in a statement that the Norwalk, Conn.-based company now has "a senior management team that is recognized as one of the strongest, if not the strongest, on the Internet."

Shares of priceline.com fell 1 5/16, or 3%, to 48 3/8 in early trading Monday. (priceline.com closed up 3/4, or 2%, at 50 7/16.)

Heidi Miller, chief financial officer, will take on extra responsibilities stemming from Schulman's promotion. Miller surprised many when she left Citigroup (C Quote - Cramer on C - Stock Picks) in February to take the position at priceline.com.