Groupon Board of Directors Gets Financially Savvy
Groupon, who has been having a lot of financial difficulty lately, added some new members to their board of directors yesterday. Daniel Henry, chief financial officer at American Express, and Robert Bass, vice chairman at Deloitte LLP. will both join the board as well as the audit committee with chairman Ted Leonsis.
Eric Lefkofsky, Groupon
Chairman, comments on the additions to the board and the audit committee:
“With their deep financial, accounting and operational experience, Dan and Bob will provide invaluable expertise to the Board going forward,”
Daniel Henry will be replacing Howard Schultz, who recently stepped down from the board, and Robert Bass will be standing for election at the upcoming stockholder meeting and replacing Kevin Efrusy, who will not stand for reelection.
Kevin Efrusy comments on his departure from Groupon:
“I’m thrilled to have been a part of Groupon’s development,”
“The Company is well on its way to becoming the operating system for all local commerce.”
Howard Schultz comments on his departure from Groupon:
“During my tenure on the Board, I was impressed by the game-changing opportunities that Groupon has delivered for both merchants and customers on a global scale,”
“Groupon has a strong sense of mission and purpose, and as I move on to focus on my other time commitments, I wish them the very best.”
Groupon CEO, Andrew Mason, comments on the departure of Efrusy and Schultz:
“Howard and Kevin helped guide us on our journey to becoming a public company and I want to thank them and acknowledge their contributions,”
Groupons finances have been the subject of much scrutiny lately as they have just restated their first public quarterly results. Stocks in the online coupon giant have dropped at least 10% and continue to fall as the Securities and Exchange Commission contemplates an investigation. Shareholders recently filed a suit against Groupon for their allegedly neglectful business practices and failure to produce results.
Hopefully these changes at the board of directors will provide some relief to the allegation, but it may be too little too late. We’ll be watching Groupon closely in the next couple months, you can read about any new information that becomes available here.