Groupon (GRPN) Appoints New COO; CFO Child Resigns; Adds $200M to Common Stock Buyback Plan

Groupon (NASDAQ: GRPN) announced it has named Rich Williams as Chief Operating Officer to oversee its global businesses and operations. Williams currently serves as President of North America and will continue in that capacity while adding responsibility for Groupon’s international regions.

“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 CEO Eric 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.”

The leadership teams for EMEA, Rest of World and Global Operations will report to Williams, in addition to his current team.

“Two of Groupon’s biggest advantages are our connection to local merchants and customers and our strong operational team around the globe,” said Williams. “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.”

Williams joined Groupon in 2011, first serving as Groupon’s Chief Marketing Officer. Throughout his 20-year career, he has overseen some of the largest online marketing programs in the world and the analytics and technology that power them. Prior to joining Groupon, he held a variety of marketing and leadership roles at Amazon and Experian.

Groupon also announced that Chief Financial Officer Jason Child will be leaving the company at the end of July to relocate to the west coast.

“Jason has done a tremendous job of helping lead Groupon through one of the most explosive periods of growth any company has ever experienced,” Lefkofsky said. “We wish him the very best in his next venture.”

Brian Kayman, VP of Tax and Treasury, will serve as interim CFO effective immediately while the Board of Directors selects a permanent replacement. Chief Accounting Officer Brian Stevens will continue to oversee the company's accounting and financial reporting.

The company also announced its Board of Directors has approved a $200 million increase to its previously announced $300 million share repurchase program. The additional authorization will commence immediately and continue through August of 2017. Share repurchases are subject to market conditions and other factors.

The company’s guidance for the second quarter and full year 2015 remains unchanged.

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