Online discount marketplace Priceline.com has axed 16% of its workforce and undergone an upheaval in the boardroom.
Heidi Miller, the chief financial officer poached from Citigroup earlier in 2000, has decided to leave the dotcom. Bob Mylod steps into her shoes, while Jeff Boyd has been promoted to chief operating officer.
Eighty-seven of the company’s workforce of 535 will lose their jobs, as PriceLine announced its intention to streamline its structure and improve profitability.
The troubled dotcom, which offers cut-price travel, loans and telephone services, also announced a one cent loss per share over Q3, in line with warnings issued in September. Priceline blamed “negative publicity”, and warned that Q4 results could also be affected.
News source: Financial Times