Groupon’s CEO and COO Has Left the Building

After Groupon’s turnaround plans failed to succeed, the company has removed its CEO and COO, replacing both with an interim CEO.

Aaron Cooper, Groupon’s North American president, will be the interim leader while the board searches for a permanent CEO, the company announced on Wednesday. The previous CEO, Rich Williams, and the operating chief, Steve Krenzer, will still remain employees of the company.

The online discount provider has been hit hard by the coronavirus pandemic and last month had reported lackluster financial results. The company also said recently that it was shutting down a division that sells merchandise.

“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. 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,” he added.

“The entire Board of Directors is grateful to Rich and Steve for their service,” said Chairman Eric Lefkofsky.

“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.”

According to Groupon’s press release, 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.

Groupon shares are down 63% this year so far.

Disclaimer: We have no position in Groupon Inc. (NASDAQ: GRPN) and have not been compensated for this article.