priceline.com ( PCLN) named Chairman Richard S. Braddock chief executive, allowing him to reclaim the post he previously held from July 1998 to May 2000.
Braddock's appointment is effective immediately. He replaces Daniel H. Schulman, priceline.com's prior president and CEO. The company also named Chief Operating Officer Jeffery H. Boyd to fill the position of president. The company, which is best known for operating a Web site that allows users to bid for surplus airline tickets, rental cars and hotel rooms, said Braddock will continue to serve as chairman of the board. Boyd has served as priceline's chief operating officer since October. In a press release, the company said "the board concluded, based on the company's future objectives and the significant progress it already has made in its turnaround plan and drive to profitability, that this management realignment was in the best interests of priceline.com and its shareholders." Last week, shares of priceline surged on the heels of better-than-expected earnings and a ratings upgrade by a prominent analyst. In addition, the company reaffirmed its financial guidance. "Given the added visibility of our results to date in April and early May, we remain confident that we will accomplish our guidance for revenue and achieve pro forma operating profitability in the 2nd quarter 2001," priceline said.