Former Crocs exec to become CFO at Orbitz

By Dow Jones Newswires
Posted Jan. 3 at 6:18 a.m.

Orbitz Worldwide Inc. named the former financial chief of Crocs Inc. 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.. 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 percent in 2010, while Crox nearly tripled.

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