Friday, November 8, 2013

Priceline's Longtime CEO Hands Over Reins

Thanks to Matt for passing this along. I guess it's one to add to the 100 to 1 in the stock market list.

Travel-industry observers credit the company's hands-off management style for its successful acquisitions. In a business that depends heavily on brand loyalty—websites spend billions of dollars a year to get travelers to visit their portal first—Priceline has kept names like,, Kayak and under relatively independent leaders.
"Great autonomy has been given to the general managers and CEOs of the respective businesses," said Sequoia Capital Chairman Michael Moritz, a well-known venture capitalist who invested early in travel brands including ITA Software, Kayak, Skyscanner and Google. "They have allowed those businesses to run for a large part as their managers see fit."