priceline's Woes Deepen as It's Miller Time No More

The financial chief was widely seen as giving the young Web company Street cred.

Author:: TSC Staff
Publish date:: Nov 2, 2000 5:05 PM EST

The financial chief was widely seen as giving the young Web company Street cred.

Updated from 4:56 p.m. EST

priceline.com

(PCLN)

took another body blow Thursday, suffering the departure of its chief financial officer.

Heidi Miller, the former

Citigroup

executive whose arrival in February lent the start-up company much-needed credibility on Wall Street, will leave priceline "to pursue opportunities and apply her talents in a more established business," the company said after the market closed Thursday. priceline shares jumped 66 cents, or 11%, to $6.84 Thursday ahead of the news. After hours, the stock dropped 25% to $5.14 on

Island

The name-your-own-price electronic commerce outfit also reported that third-quarter earnings and revenue came in as expected and that it would cut 87 jobs, representing 15% of its 535-person workforce.

TheStreet.com

chronicled investors' expectations in a

story Wednesday.

priceline shares have plunged in recent months amid revenue shortfalls and the failure of the company's grocery affiliate. priceline shares traded as high as $104.25 in the last year.