Groupon Inc. (NASDAQ: GRPN), an online coupon provider, announced that its CEO Rich Williams, and COO Steve Krenzer, were no longer serving in their former capacities.

What Happened

Groupon announced Wednesday that Williams and Krenzer had left their positions as CEO and COO, respectively, but will remain the company employees. The company’s North America President, Aaron Cooper, will act as the interim chief executive.

The chairman stated his confidence in the company talent pool, “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.”

Why It Matters

The terms of separation for Williams and Krenzer have not been announced, nor any reason was given for the change in leadership by Groupon.

It is still not clear in what capacity Willams and Krenzer will serve at the company. In its statement, the company said, “The Board of Directors has formed a committee to lead the search for a permanent CEO and Cooper is expected to participate.”

Groupon reported worse-than-expected Q4 results and announced its exit from the goods industry in February.

The company had a Q4 gross profit of $310 million, and $1.2 billion profit for FY2019. Q4 income from continuing operations was $79 million, and for the FY2019, a $14 million loss was registered.

Price Action

Groupon shares traded 0.44% lower at $0.89 in the after-hours session on Wednesday. The shares had closed the regular session 13.15% higher at $0.89.

Photo Credit: Courtesy of Glassdoor.

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