The Priceline Group has named Glenn Fogel its chief executive as of New Year's Day 2017. He has been its head of strategy and executive vice president of corporate development, and is a 16-year veteran of the company.
He'll replace interim CEO Jeff Boyd, who stepped into the CEO role when Darren Huston was ousted in April 2016 for breaking company ethics policy around romantic relationships in the office. Boyd had previously (and famously) been CEO between 2002 and 2013, a tremendous growth time for the corporation.
As a statement notes, Fogel "was a primary driver" in the company's most famous acquisition — that of Booking.com, which since has become the company's largest revenue driver globally.
Fogel also was a central dealmaker in the acquisitions of Active Hotels, Agoda, and TravelJigsaw (now RentalCars.com). He was appointed vice chairman and head of worldwide strategy and planning in January 2009.
Huston's ouster has left Priceline Group treading water through 2016, with the interim CEO only keeping the momentum up and trimming back some over-ambitious growth plans, such as with reservation platform OpenTable's expansion (or, as at least one critic has asked, was that a case of under-executed plans?).
Fogel, 54, will look to assure industry players he can re-ignite the sensational growth overseen during the first Boyd era.
Triumphing against hard times
Fogel is a survivor in his personal and professional life.
As a teenager, he suffered a stroke that paralyzed his right side and complicated his ability to communicate with others. But he not only recovered but also went on to attend and then graduate from Harvard Law School.
Professionally he's suffered setbacks, too. Shortly after joining Priceline in 2000, the stock price plunged from nearly $100 to $1. The stock is now trading at $1,500.
Fogel has been a tireless traveler, flying more than 100,000 miles every year for perhaps a decade. He has been a regular in attendance on the conference circuit. Sightings of him chatting in a corner with someone can set gossip swirling.
Known for being part of key acquisitions, Fogel will soon face investors eager to know if the company may make another large purchase soon. It has been a while since its last major deals, with OpenTable and Kayak.
The company has not been acquisitive lately and may choose to caution the market that it is not planning to buy growth.
Among the growth areas organically, Fogel is believed by some to have been eyeing opportunities in the short-term accommodations sector. This week Shyam Patil, investment analyst at Susquehanna, wrote: "In terms of market share within the private accommodations market, we expect Booking.com/Villas to accelerate share gains over the next two years, increasing from 9% of global room nights in 2016, to 11% by 2018."
On a related note, it is unclear who will helm Priceline Ventures, the company's investment arm that Fogel had championed.
Sign up for Tnooz's daily email newsletter for more news and analysis.
NB: Photo courtesy DLD Conference.