NEW YORK (CNNfn) - The newly formed e-commerce system priceline.com named former Citicorp President Richard S. Braddock as its new chairman Thursday.
Braddock is an investor in the privately held priceline.com and serves on the company's board. He has been involved with a number of technology-oriented companies since leaving Citicorp in 1992, including E*Trade, and owns Modem Media.Poppe Tyson, one of the largest interactive media companies.
Priceline.com founder, Jay Walker, who will become vice chairman of the company, announced the appointment.
"Rick Braddock is one of the true superstars of American business," said Walker in a company release. "With a patented e-commerce system and our latest round of financing at his disposal, Rick has the tools and the experience to build priceline.com's already impressive sales growth."
Priceline.com allows buyers to name the price they wish to pay for particular goods and services, including leisure airline tickets and new cars. In its first three months of operations, which began in April, the company registered more than $10 million in sales.