Priceline.com Inc. (NASDAQ: PCLN) today announced that president and CEO Jeffery H. Boyd will assume the additional role of chairman of the company’s board beginning January 1, 2013. The current chairman, Ralph M. Bahna, will retire as chairman on that date and will retire from the company’s board in June 2013 when his current term expires.
The board also named James M. Guyette as Lead Independent Director today, and the company will add Thomas E. Rothman as a director on January 1st.
Priceline’s press release noted:
The Board stated that it combined the roles of Chairman and CEO as an interim structure that best accomplished continuity of leadership in view of Mr. Bahna’s upcoming retirement from the Board and its long-term succession planning. At the same time, the Board ensured the appropriate exercise of independent judgment by the Board through the appointment of a Lead Independent Director.
So Boyd’s appointment as chairman/CEO is ‘interim’, as in ‘temporary’? Because it achieved continuity of leadership and advanced the board’s long-term succession planning? That’s a very strange explanation for this appointment.
Priceline’s shares are essentially flat in after-hours trading today after closing at $601.02 in a 52-week range of $438.76 to $774.96.
Paul Ausick
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
