By Drew FitzGerald
Priceline Group Inc. picked strategy chief Glenn Fogel as its next chief executive, siding with a company insider credited with acquiring some of the travel giant's most valuable brands.
Mr. Fogel, 54 years old, fills a vacancy left when the company fired its previous CEO, Darren Huston, earlier this year for having an affair with an unidentified employee. Chairman Jeff Boyd, who led the company before Mr. Huston, stepped in to fill the job this year while the company searched for a permanent successor.
Priceline said Thursday Mr. Boyd would continue on the board as executive chairman. Mr. Fogel isslated to take the CEO job Jan. 1.
A former Morgan Stanley trader, Mr. Fogel joined Priceline in 2000 and was tasked with finding new sources of revenue for the flight-reservation service in the wake of the dot-com crash. He helped Priceline acquire room-reservation service Active Hotels in 2004. The following year, it paid about $135 million for Bookings BV, whose little-known website nevertheless helped Priceline forge relationships with thousands of European hotels.
Hotel reservations made through the sites Mr. Fogel arranged to buy now account for the lion's share of Priceline's earnings, which totaled $1.46 billion during the first nine months of this year.
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(END) Dow Jones Newswires
December 15, 2016 17:10 ET (22:10 GMT)
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