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Lonely at the Top
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Business New Haven
5/14/2001
By: BNH
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NORWALK - Priceline.com Inc. (NASDAQ: PCLN) Chief Executive Daniel Schulman has been ousted and the name-your-own price Internet commerce company says Chairman Richard Braddock will assume the reins.
The news comes despite the company's better-than-expected first quarter results last week, but after a sustained slide in revenues and slumping stock price for the once high-flying dot-com since last year.
Braddock will return to the position of CEO, which he held from July 1998 to May 2000. Chief Operating Officer Jeffrey Boyd will assume the position of president, which Schulman also held.
Braddock has been one of the key figures in the company's turnaround, including its restructured investment pact with Delta Air Lines Inc. (NYSE: DAL).
In a statement, Priceline said its board decided the reshuffling was in the best interest of the company, given ''the significant progress'' the company has made in its turnaround plan and drive to profitability.
Priceline.com embarked on an aggressive restructuring late last year, focusing on its core travel business to regain customer confidence after it was hit by a spate of negative news.
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