DOW JONES NEWSWIRES
Orbitz Worldwide Inc. (OWW) named the former financial chief of
Crocs Inc. (CROX) to the same position at the online-travel
company.
Russ Hammer, who led the restructuring efforts at shoe maker
Crocs, also held a variety of senior executive positions at
Motorola Inc. (MOT). He replaces Marsha Williams, whose retirement
was announced in June.
Orbitz Worldwide said in November its third-quarter earnings
more than doubled, thanks to strong summer travel demand and lower
overhead costs. The travel industry has continued to rebound from
last year's weak demand, with a number of airlines and hotel
companies posting stronger profits in recent quarters.
Orbitz has long generated most of its revenue from airline and
domestic bookings, though it has made a push to expand
internationally and into hotel bookings.
Both Orbitz and Crox were inactive premarket. They closed Friday
at $5.59 and $17.12, respectively. Orbitz fell 24% in 2010, while
Crox nearly tripled.
-By Lauren Pollock, Dow Jones Newswires; 212-416-2356;
lauren.pollock@dowjones.com