Priceline CEO Resigns Following Investigation Into Employee Relationship

The Priceline Group said on Thursday Chief Executive Darren Huston is stepping down following an investigation into his relationship with an employee of the company. The investigation, which was overseen by independent members of the board of directors, found that Huston acted contrary to the company's code of conduct. The company said in a news release Huston: "had engaged in activities inconsistent with the board's expectations for executive conduct, which Mr. Huston acknowledged and for which he expressed regret." Huston, a 16-year veteran of Priceline, is leaving effective immediately and Chairman Jeffery Boyd will serve as interim CEO. The company said Huston will not receive any severance pay. Priceline shares were halted following the news.