priceline.com's Founder Resigns From Board of Directors - TheStreet

priceline.com (PCLN) , one of the many poster children for beaten-down Internet stocks, announced tonight that vice chairman and founder Jay Walker has stepped down from the company's board of directors.

In a press release, the company said that Walker, 45, is leaving the board in order to allow him to focus on

Walker Digital

, a Connecticut-based intellectual property developer.

"As priceline.com's founder, Jay made significant contributions to our business," said chairman Richard S. Braddock in the release. "He gave us the intellectual foundation on which we have built and expect to continue to grow priceline.com. We thank Jay for those contributions and we understand his decision to concentrate his time at Walker Digital."

priceline.com has had an exceptionally rocky ride. Today, the stock's miseries continued, falling 9 cents, or 6.7%, to $1.31. For the last 52 weeks, the stock has traded in a range of $104.25 to $1.06.

Earlier this month, the company announced it was cutting 11% of its workforce while also holding off on launching several new projects.