Groupon Loses CTO as Executive Exodus Continues Amid Slowdownby
CTO Sri Viswanath resigns following CFO departure in July
New CEO Rich Williams appoints several new executives
Groupon Inc. Chief Technology Officer Sri Viswanath has left the online marketplace, the latest executive to depart in recent months as the company struggles to diversify from its roots in daily deals.
Viswanath resigned on Dec. 2, and "is moving on to another opportunity," Bill Roberts, a Groupon spokesman, said in an e-mailed statement. Viswanath’s exit comes about a month after Eric Lefkofsky stepped down as chief executive officer. Robbie Schwietzer, a senior vice president, departed this fall, and Chief Financial Officer Jason Child left in July. The company hasn’t found a permanent CFO.
New CEO Rich Williams is leading the latest round of restructuring at the company, and is also revamping his executive team. Today, he appointed Jay Sullivan, who joined Groupon earlier this year, as new chief product officer responsible for product and engineering. Aaron Cooper, who has led Groupon’s North American Goods business, will take over the North American Services operation, which comprises the Local and Travel units. Jacob Hawkins, a former vice president of e-commerce from Aeropostale Inc., will succeed Cooper as head of North American Goods, the company said in a statement.
Groupon’s shares have declined 63 percent this year. The stock hit an all-time low in November after the company said it would miss analysts’ sales and earnings estimates in the current quarter, fueling more worries over its future growth.