Some more exec shifting afoot at daily deals and local commerce site Groupon. Today the company said that Rich Williams would be its next chief operating office. At the same time, the company said that it would be losing its CFO, Jason Child, who will be leaving at the end of July. Perhaps to soften the blow of the financial exec change, the company also today announced that it would add another $200 to its share repurchase program, bringing it up to $500 million.
The COO role appears to have remained vacant since Kal Raman left the role in August of last year to take on a role in Asia, before leaving the company altogether in November to take on the CEO role with online homebuyer services at Solutionstar. It’s not clear what Child will be doing next: Groupon simply says that he is relocating to the West Coast from Chicago.
However, it does look like there is something planned.
“Jason has done a tremendous job of helping lead Groupon through one of the most explosive periods of growth any company has ever experienced,” said CEO Eric Lefkofsky in a statement. “We wish him the very best in his next venture.”
Child was a longtime employee of Groupon, having joined as CFO back in 2010 after working at Amazon. Williams, meanwhile, is an internal appointment. He is already president of the company’s North America business — a role he will continue to keep alongside the new COO responsibilities.
This is both a sign of Groupon looking for more continuity and also of the clear strategy at the company of making North America very much the focus and bedrock of how it plans its future strategy and future products.
“Rich has been integral in steering our North American local business to three consecutive quarters of double-digit growth and helping to lead Groupon’s transformation to a mobile commerce marketplace,” said Lefkofsky. “As North America continues to be the leading edge of our tools, systems and processes, Rich is perfectly positioned to bring that operational leverage to our international markets.”
Williams has been with Groupon since 2011, when he joined as CMO.
“Two of Groupon’s biggest advantages are our connection to local merchants and customers and our strong operational team around the globe,” said Williams in a statement. “I look forward to continuing the progress we’ve made and bringing the advantages that have helped scale our North American business to our global operations.”
The company’s execs from EMEA and other global operations will now report to Williams, Groupon says.
Brian Kayman, VP of Tax and Treasury at the company, will serve as interim CFO effective immediately, Groupon says.
The share repurchase is effective immediately will continue through August of 2017, the company said.
The company also added that it’s sticking to guidance for future earnings. In the last quarter, it beat expectations on profit but missed on revenues, and said that it expects revenue of between $700 million and $750 million for this current quarter, with earnings of between $0.01 and $0.03 on an adjusted basis.
More to come.
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