Groupon said today that Rich Williams no longer is the company CEO.
The board has named Aaron Cooper, president of North America, interim CEO, the company said.
Steve Krenzer also is no longer chief operating officer. Both he and Williams will continue as company employees, Groupon said.
“The entire Board of Directors is grateful to Rich and Steve for their service,” Chairman Eric Lefkofsky said in a statement. “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 has been in a tailspin for months, with the stock dropping below $1 per share March 6.
The company said Feb. 18 it would exit its e-commerce merchandise business called Goods, which accounts for half its revenue. The stock dropped nearly half on the news.
Williams became CEO nearly five years ago, and has been unable to get the stock price moving.
Activist investors have circled the company. Groupon reached a deal with one of them, Richard Merage, that allowed him a board advisory role in January.
More to come...
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Groupon CEO no longer in role - Crain's Chicago Business
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