The company that asks you to name your price has just asked its CEO to name his choice of exit from the Priceline Group C-Suite.
The Priceline Group announced today that Darren Huston has resigned from the Company, effective immediately.
Uh, Priceline is a huge company with a $66 billion market cap that did $6.5 billion in revenue last year alone. Not only that, but the company is set to announce its Q1 results on Wednesday, so this is hardly an ideal time to announce that your CEO is out.
Mr. Huston resigned following an investigation overseen by independent members of the Board of Directors of the facts and circumstances surrounding a personal relationship that Mr. Huston had with an employee of the Company who was not under his direct supervision. The investigation determined that Mr. Huston had acted contrary to the Company's Code of Conduct and had engaged in activities inconsistent with the Board's expectations for executive conduct, which Mr. Huston acknowledged and for which he expressed regret.
Oh man, we bet he is.
Running Priceline is one of the best jobs around, basically overseeing the monetization of something most people have to do but hate with a passion; travel. Huston has overseen a nice run at the company since 2014 after coming aboard as CEO of Booking.com in 2011. He pulled down about $8 million in cash compensation alone last year and was generally thought to be killing it.
Who could have tempted Darren Huston to risk such a cherry gig?