The CEO of the travel website Priceline Darryl Huston has resigned with immediate effect.  This comes after an independent investigation determined he had an improper and undisclosed relationship with an employee.

"Everybody is in favor of finding love, but it's got to be found in the right place," said Yale School of Management economics professor Ted Snyder to the US financial news network CNBC, noting that the office "is typically not the right place". 

The investigation determined that Huston had acted in violation of the company's code of conduct (.pdf link) and had engaged in activities inconsistent with the board's expectations for executive conduct.  Priceline's employees "should not be in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefits of any close relative.. or a person with whom you are having a close personal/romantic relationship."  Doesn't get too much clearer than that.

Huston acknowledged and for which he expressed regret.  He forfeits part of his unvested stock rewards and won't receive any severance payments.

Priceline's former CEO Jeffery Boyd was appointed interim leader while the company finds a successor.

The company's share price fell 1.2 percent upon the news, stalling a really good run that occurred under Huston's watch:  Priceline shares have advanced 6 percent this year and have surged nearly 30 percent in the last three months.