In the past several days, Priceline has simply dominated the news headlines. First came their Q3 earnings release, highlighting yet another consistently strong quarter underscored by increased market share. Second was the public announcement that the venerable Priceline CEO, Jeffery Boyd, would step down as CEO but remain as Chairman of the Priceline board.
(Here are seven of the biggest impacts Jeffery Boyd made on the online travel industry.)
Some news writers reacted with shock to the news surrounding Jeffery Boyd, yet the industry insider PhoCusWright suggested the leadership change had been in the works for some time. But what actually shocked me most was the headline on Priceline overtaking Expedia in gross bookings for the first time in history. Wow!
And when reflecting on the evolution of Priceline over the past decade, PhoCusWright was equally as surprised. In a well written article by Douglas Quinby of PCW that portrays Priceline's come from behind surprise win . . .
The year was 2002. Once an Internet princeling, the online brand synonymous with "name your own price" had fallen out of favor. Moves into mortgages, groceries and gas proved misguided. Its share price had plummeted. In online travel, the company was effectively the fourth horse in what was quickly becoming a three-horse race among the leading online travel agencies. It was considered likely to get acquired or – worse – fizzle out.
When Jeff Boyd assumed the role of CEO in November of that year, the odds were against a resurgent Priceline. Iconic commercials starring the famed former captain of Star Trek notwithstanding, few would have expected over the next decade that the company would, on pretty much every metric that matters, become the global leader in online travel. Looking back, that was certainly one surprise.I had a hunch that one day Priceline would surpass Expedia in gross bookings, yet upon reading this headline my jaw still managed to drop to the floor. It was as though a consecutive Olympic gold medalist had been knocked off the top platform by an arch nemesis. Congratulations, Priceline.
Now that Priceline has done the previously unthinkable, Jeffery Boyd will pass on the reins of CEO to his successor, Darren Huston. And as Mr. Boyd dusts off his shoulders, he'll be watching Expedia admit defeat (at least temporarily) and remove its tagline, "The World's
