Priceline Group CEO Darren Huston had resigned, effective immediately, following an investigation related to a personal relationship that he had with an employee who was not under his direct supervision.
Huston resigned following an investigation overseen by independent members of the board of the circumstances surrounding a personal relationship that Huston had with an employee of the company who was not under his direct supervision.
The investigation determined that 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.
“I am satisfied with the Board’s thorough review of this issue,” James Guyette, lead independent director, said in a statement.
The online travel agency operator appointed former CEO and current chairman, Jeffery Boyd, as interim CEO while the board conducts a search to name a successor.
Huston will also step down as CEO of Booking.com, a unit of Priceline. He will be replaced by Booking.com Chief Operating Officer Gillian Tans.
The company’s stock was flat in the premarket before being halted for news pending Thursday.
Priceline shares have advanced 6 percent this year and have surged nearly 30 percent in the last three months.
PCLN in 2016
—CNBC’s Terri Cullen and Reuters contributed to this report.