Groupon (NASDAQ: GRPN) CEO Rich Williams and COO Steve Krenzer have been "pushed out of their roles." Both will continue to serve as employees.
Before being promoted to CEO in November 2015, Williams was the company's COO. Prior to Groupon, he held leadership roles at Amazon (NASDAQ: AMZN) and the Ireland-based Experian.
Groupon's board of directors, which hasn't offered an explanation regarding their decision to push Williams and Krenzer out, has appointed Aaron Cooper, Groupon's president of North America, to replace Williams as interim CEO.
"The entire Board of Directors is grateful to Rich and Steve for their service," Chairman Eric Lefkofsky said. "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."
Cooper has said that, as interim CEO, he's committed to lead his team as unforeseen challenges surface for the Groupon global community, which serves 15 countries.
"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."
Groupon shares dropped more than 70% over the month of March, down 74% overall in the last year. During the company's fourth-quarter earnings report, Groupon announced declining revenue and performance, which Williams said "disappointed by nearly every measure."