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Darren Huston's Resignation From Priceline Is A 'Huge Loss'

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priceline.com Incorporated NASDAQ:PCLN - Darren Huston's Resignation From Priceline Is A 'Huge Loss'

Priceline Group Inc PCLN 2.67% announced Thursday that its CEO Daren Huston has resigned from the company, effective immediately.

The resignation follows an investigation by Priceline's independent members of its board of directors into 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," Priceline said in its press release.

Jeffrey Boyd, Priceline's current chairman and a 16-year veteran of the company, will serve as interim CEO and president while the board of directors searches for a permanent replacement.

Bill George, a CNBC contributor and senior fellow at Harvard Business School discussed Huston's resignation during a CNBC segment.

George said that Boyd was a "terrific leader" with excellent understanding of the digital world. Accordingly, his resignation represents a "huge loss" and a "huge tragedy" for Priceline.

Despite his positive thoughts of Huston as a leader, George hinted that the reason for his resignation may have been justified.

"You can't as CEO be disciplining mid-level employees for inappropriate conduct or violation of the code of conduct and not hold it to yourself," George said. "You have to be held to a higher standard as CEO."

"I think that's totally appropriate," he concluded. "Good for the board for following its policies."

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