Priceline Group Inc. PCLN recently announced the appointment of Paul J. Hennessy as the new chief executive officer (CEO) of its priceline.com division. This division was earlier headed by Chris Soder, who will now become the chairman of the division.

Since 2011, Hennessy served as the chief marketing officer of Booking.com and will assume his new role from Apr 1, 2015. He will report to Darren Huston, president and CEO of Priceline Group.

These changes might be an attempt on the part of the company to counter the problems faced because of the strengthening dollar. Also, macroeconomic headwinds due to multi-year declines in euro’s value could affect the company’s performance.

Priceline is one of the largest online travel companies in the world. The company’s portfolio of brands cover hotel rooms, airline tickets, rental cars, vacation packages, cruises, “things to do” at popular destinations and travel insurance. Specifically, the Priceline.com website offers deals on hotels, rental cars, air travel and other types of vacation packages, while Booking.com focuses on accommodations.

The company has been expanding its portfolio through acquisitions. Last year, the company expanded its presence in the restaurant reservation space with the $2.6 billion acquisition of OpenTable. The buyout also helped it to increase penetration in North America and internationally. Additionally, accommodation sites like Booking.com have led to Priceline’s growth.

Priceline reported strong results in the fourth quarter of 2013 with both revenues and earnings surpassing the respective Zacks Consensus Estimate. Revenues of $1.84 billion were down 35.1% sequentially but up 19.4% year over year. Sites such as Agoda.com and Booking.com led to strong double-digits growth in international bookings from the year-ago quarter, while domestic bookings growth softened considerably yet again. Also, the macroeconomic pressures and weak consumer spending environment had a negative impact on Priceline’s business.

Some well-placed stocks in the same industry are Autobytel Inc ABTL, PetMed Express, Inc. PETS and EVINE Live Inc. EVLV.

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