Priceline.com's (Nasdaq: PCLN) current president and operating chief Daniel H. Schulman will become CEO of the company.
Schulman will succeed current Chairman and CEO Richard S. Braddock. Braddock will continue as Priceline's chairman.
Priceline, which allows customers to name their own price for airline tickets, hotel rooms, and other services including home mortgages, saw its shares rise after it narrowed losses in the first quarter. The stock, however, is still far below its 52-week high of 145 3/4.
Braddock said his goal was to attract a management team that could turn Priceline into a profitable multi-billion-dollar company.
Schulman joined Priceline in June 1999 after 18 years at AT&T (NYSE: T) where he was an executive vice president.
The company's Chief Financial Officer Heidi Miller, 46, will also assume additional responsibilities and lead Priceline's international and business-to-business initiatives.
The company competes with Autobytel.com (Nasdaq: ABTL), Lowestfare.com, and Mortgage.com (Nasdaq: MDCM) according to Hoover's Online. Expedia (Nasdaq: EXPE) is another similar company.
The executive changes take effect on June 15th.