- Groupon CEO Rich Williams is no longer head of the company. This change comes about a month after the company reported its fourth quarter.
Groupon CEO Rich Williams is no longer head of the company, according to Chicago Tribune. This change is about a month after Groupon reported a $310 million in gross profits for the fourth quarter and adjusted EBITDA of $84 million.
However, the fourth quarter and full-year performance had fallen short of company expectations and the company did not deliver on its goal of $270 million of adjusted EBITDA for 2019 due to customer losses in North America and macroeconomic conditions in Europe.
Going forward, Williams will continue at the company as an employee. Groupon’s president of North America Aaron Cooper is now serving as interim CEO.
And Groupon COO Steve Krenzer is no longer working as the operations head. But he is also still employed by the company.
This announcement from the board of directors did not provide an explanation. Groupon Board Chairman Eric Lefkofsky pointed out that Cooper is going to help the board find a permanent CEO.
Key Quotes:
“The entire Board of Directors is grateful to Rich and Steve for their service. Aaron headed our North America business and is well-positioned to take on the CEO role at Groupon, as we conduct a full process to install a permanent successor. We have a deep bench of senior talent and the team is intensely focused on executing against our strategy during this unprecedented moment in time.”
-Groupon board chairman Eric Lefkofsky
“Having spent 10 years with Groupon, I have seen the company develop from a small email-based platform into what we believe will be the leading online destination for experiences. The disruption created by the global pandemic, however, is significant, and our immediate goal is to help millions of Groupon merchants, customers and employees navigate the massive challenges they face. We have a strong team in place that is in constant communication with our community, working on opportunities to support them in new ways during these uncertain times, even as we continue to focus on strengthening Groupon’s leadership position.”
-Interim Groupon CEO Aaron Cooper
