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September 28, 2012

Groupon reshuffles senior executives to streamline European business

The reshuffling will feature exit of Groupon's chief of international business

By CBR Staff Writer

Online daily deals provider Groupon is rearranging senior management positions to streamline its European business including exit of Groupon’s chief of international business.

As per an internal memo cited by Reuters, Groupon SVP of sales Chris Muhr will head the Europe, Middle East and Africa region, while the company’s SVP of International Veit Dengler will be leaving the firm.

After the second-quarter, Groupon’s European business drove the firm’s already weak share price even lower.

The company offered discounts that were too big despite sovereign debt crisis and economic slowdown in the euro zone.

Groupon operations chief Kal Raman was quoted by Reuters saying that, "We’ve made great progress in the last few months, but we still have a lot of work to do, particularly in Europe."

Earlier this month, Groupon appointed Brian Stevens as chief accounting officer who will report to the company’s CFO Jason Child.

The company said that Joe Del Preto will continue to operate in his role as VP and global controller, reporting to Stevens.

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For the second quarter ended 30 June 2012, Groupon reported a revenue of $568.3m, up 44.8%, compared to $392.6m in the second quarter 2011.

Groupon posted a net income of $28.38m for the quarter, compared to a net loss of $107.4m for the same period last year.

The company expects revenue to be between $580m and $620m for the third quarter of 2012.

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