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 Michael McCadden, 41, as the Company's new Executive Vice President and Chief Marketing Officer. (In a separate release today, priceline.com also named Jeffery H. Boyd, former EVP and General Counsel of Oxford Health, as its new Executive Vice President and General Counsel.)
Mr. McCadden will be responsible for all of the Company's marketing, advertising and public relations strategies and programs, and will report to Daniel H. Schulman, priceline.com's President and COO. He succeeds Paul Breitenbach, 29, who is joining Walker Digital Corporation in Stamford as its Chief Marketing Officer. Walker Digital is the intellectual property laboratory that invented priceline.com's patented business model and holds over 15 U.S. patents for other business methods.
"As priceline.com continues to horizontally broaden its Name Your Own Price business formula across multiple consumer and business product lines, Michael McCadden adds a deep base of industry knowledge, Internet savvy and marketing experience to make that evolution successful in every business we enter," said Mr. Schulman. "Michael will be able to build on the many successes Paul Breitenbach has achieved for priceline.com. With Paul's determination and entrepreneurial spirit, we look forward to seeing many more successful companies emanate from the Walker Digital laboratories."
Mr. McCadden is widely recognized as one of the leading authorities in brand marketing. He was most recently Executive Vice President of Gap, Inc. Direct, where he managed all Gap, Inc. non-store businesses, including the online stores of Gap, Old Navy and Banana Republic, and the Banana Republic Catalog. Prior to managing Gap, Inc. Direct, he was EVP of Gap Global Marketing with responsibility for domestic and international marketing, advertising, public relations, packaging and strategy development.
"We're excited to have a nationally known brand expert like Michael McCadden join us," said Richard S. Braddock, priceline.com's Chairman and CEO. "As priceline.com evolves from start-up IPO into a mass-market company, the high excitement and potential surrounding this business continues to attract top management talent."
Prior to joining Gap, Mr. McCadden was Director of Global Advertising and Public Relations for Calvin Klein Cosmetics Company. Other organizations in his background include Coach Leatherwear, Lever Brothers/Chesebrough-Pond's and The Gillette Company.
Mr. McCadden holds an M.B.A. from Columbia University and a B.A. from Rhodes College.
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 that 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