Priceline.com has promoted President Jeffrey Boyd to co-chief executive officer, the online travel company announced Wednesday. Boyd will share the title and responsibilities with Chairman Richard Braddock. Mitch Truwit, formerly executive vice president of operations, will take over Boyd's former position as chief operating officer.
Separately, Priceline announced that it earned $6.3 million, or 3 cents per share, on $304.5 million in revenue in the second quarter. During the same period last year, the company earned $2.8 million, or 1 cent per share, on $364.8 million. The number of airline tickets sold during the second quarter dropped 36 percent compared with the year ago quarter, but the number of hotel room nights sold increased 60 percent. Priceline said it plans to buy back $40 million of its stock. Cheung Kong (Holdings) and Hutchison Whampoa, the company's two biggest shareholders, are also considering purchasing another $40 million of Priceline stock, Priceline said. The companies don't have a timetable for completing the repurchases.