The Priceline Group (NASDAQ:BKNG) is about to see a big change in its executive suite. The company announced that it has appointed a new President and CEO, Darren Huston, effective January 1 of next year. He will also serve on the firm's board. Huston replaces Jeffery Boyd in the executive positions. Boyd will remain in his other current post of chairman of the board.

The hire is an internal one -- at present, Huston is CEO of a key company subsidiary, Booking.com. Prior to that, he served in several executive capacities for Microsoft after holding the position of senior vice president responsible for acquisitions and new product development at Starbucks.

The announcement was made concurrently with the release of Priceline's Q3 results. Total revenues came in at $2.27 billion for the period, while applicable net income was $833 million ($15.72 per share). Those figures were significantly higher than the $1.71 billion and $597 million ($11.66), respectively, for Q3 2012.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends The Priceline Group and Starbucks. The Motley Fool owns shares of Microsoft, The Priceline Group, and Starbucks. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.