NORWALK, Conn.--(BUSINESS WIRE)--Jan. 17, 2000--Priceline.com (Nasdaq: PCLN), the Internet pricing system where you can Name Your Own Price for a wide variety of goods and services, today named Jeffery H. Boyd, 43, as the Company's new Executive Vice President and General Counsel. (In a separate release today, priceline.com also named Michael McCadden, former Gap EVP, as its new Executive Vice President and Chief Marketing Officer.)
Mr. Boyd will be responsible for all legal matters affecting priceline.com, including acquisitions, partnerships and alliances, government relations, SEC compliance, patents and litigation, reporting to Richard S. Braddock, priceline.com's Chairman and CEO. He succeeds Melissa Taub, who retired on December 31st.
"Jeff Boyd is a longtime veteran of both corporate law and private practice," said Mr. Braddock. "He has the broad experience and extensive knowledge to advise and guide priceline.com as we aggressively grow and expand our businesses in the new millennium. Just as Missy Taub helped priceline.com establish its various business units and go public as a company, Jeff Boyd will help priceline.com broaden its market position, both domestically and internationally. We're pleased to have Jeff join and even more pleased that, as priceline.com evolves from start-up IPO to mass-market company, the high excitement and potential surrounding this business continues to attract top management talent."
Before joining priceline.com, Mr. Boyd was Executive Vice President and General Counsel for Oxford Health Plans, Inc., where he was responsible for all legal matters affecting the Fortune 500 healthcare company. Prior to Oxford, he was Assistant General Counsel for Lord, Abbett & Co., where he was responsible for mutual fund and advisor and distributor SEC filings and compliance for the private investment advisory firm and mutual fund manager. Mr. Boyd also was a Partner in the private law firm of Robinson & Cole, where he co-chaired the firm's corporate and finance practices group, and was an Associate with Sullivan & Cromwell, where his responsibilities included international transactions, LBOs, joint ventures and acquisitions. At Sullivan & Cromwell, he also opened the firm's offices in Australia.
Mr. Boyd holds a J.D. summa cum laude from Cornell Law School and a B.A. summa cum laude from St. Lawrence University.
Priceline.com is the Name Your Own Price Internet pricing system that offers a variety of goods and services across multiple industries. Priceline.com's business system currently offers services to customers across three product categories. Priceline Travel Services offers leisure airline tickets, hotel rooms and rental cars. All 8 of the nation's major full-service airlines, their regional affiliates and over 20 of the best-known international carriers work with Priceline Travel Services. With Priceline's airline service, customers fly with confidence, knowing that all travel is on major name-brand airlines. Participating priceline.com carriers now fly an average of over 600,000 empty seats every day.
Priceline Personal Finance Services offers a Name Your Own Price capability on home mortgages, refinancing and home equity loans. Priceline Automotive Services lets customers name their own price for a new car and then get that car at a local dealer in 13 states. Priceline also allows Ford shoppers in Florida to name their own price for a Ford automobile or truck through a special priceline.com link on the Ford Motor Company Web site.
The Company has also licensed its business model to a privately owned company, Priceline WebHouse Club, which offers a name-your-own-price service for groceries for shoppers in 1,100 grocery stores in the New York metro and greater Philadelphia areas. In return for the WebHouse Club license, priceline.com has received warrants allowing it to purchase a majority equity stake in the WebHouse Club under certain contingent conditions. Prior to the exercise of this warrant, the results of WebHouse Club operations will not be included in priceline.com's financial statements. Recently, priceline.com also announced that it would offer a Name Your Own Price service for long distance calling.
This press release may contain forward-looking statements which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions including, without limitation, "may," "will," "believes," "should," "could," "hope," "expects," "expected," "does not currently expect," "anticipates," "predicts," "potential," and "forecast," reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies and other factors described in the Company's filing with the Securities and Exchange Commission. The actual results may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Brian Ek, 203/299-8167
or Mike Darcy, 203/299-8168