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Mar 26, 2020 11:25 AM ET

Groupon CEO is out amid losses at Chicago-based deal site

iCrowd Newswire - Mar 26, 2020

Groupon CEO Rich Williams is out, about a month after Chicago-based deals site reported a fourth-quarter performance that Williams then said “disappointed by nearly every measure."

Groupon CEO Rich Williams is out.

The move comes about a month after the Chicago-based deals site reported a fourth-quarter performance that Williams then said “disappointed by nearly every measure.”

Williams will continue as an employee, Groupon said in a news release Wednesday. The company’s current president of North America, Aaron Cooper, will become interim CEO and help in the search to find Williams’ permanent replacement.

Chief Operating Officer Steve Krenzer is also no longer serving in his role, but will continue as an employee.

Groupon launched more than 11 years ago with a two-for-one pizza deal at a Chicago bar. Its business model resonated with recession-scarred customers and small merchants, and it became one of the city’s great tech success stories after the dot-com boom.

The company turned down a nearly $6 billion acquisition offer from Google in 2010, opting to go public instead. It made its debut on Nasdaq in November 2011 at $28 — a price it hasn’t seen since.

The company has spent the past several years scaling back and reconfiguring the ways it reaches consumers. Last month, Williams said Groupon would halt its online merchandise sales.

Williams, who joined Groupon in 2011, moved through several positions before being named CEO in 2015.

Cooper has been with Groupon for 10 years, according to the Wednesday news release. He has held multiple senior leadership roles, including chief marketing officer.

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