CEO Gone, COO Gone, Last summer’s ad review? Do over!!
Steve’s breakdown: It’s a whole new ballgame at Groupon. Last summer’s ad review which we predicted probably needs a do over. You can’t be a “go out and get social” in a “stay at home” world. They Have to Create all new Advertising! Just ask Aaron Cooper who has been appointed interim CEO.
And not for nothin’, the deals on GroupOn are insane right now.
CHICAGO, IL: Groupon is on the hunt for a new chief executive.
In an abrupt announcement on Wednesday, the struggling daily deals company said that Rich Williams is no longer serving as CEO and that COO Steve Krenzer is also no longer serving in his role. Aaron Cooper, Groupon’s president of North America, has been appointed interim CEO while the company searches for a permanent chief.
Groupon has been on a downward slide recently. It missed expectations in its fourth quarter amid declining revenues. The company, which has returned its focus to selling things like haircuts, restaurant meals and other services from local merchants, faces a big challenge in the near-term as many of its customers close up shop and consumers stay home during the COVID-19 outbreak.
“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,” said chairman Eric Lefkofsky. “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.”
Cooper has held multiple senior leadership positions across his 10-year Groupon career. He was the company’s first chief marketing officer and also ran the travel and goods businesses before assuming his current role.
Prior to joining Groupon, he held a variety of marketing and leadership positions at Orbitz and optionsXpress as well as consulting roles at AEG Partners, AOL and Price Waterhouse Management Consultants.
“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,” Cooper said. “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.”