Groupon reveals Rich Williams as new CEO as revenue dips to $713.6m for third quarter of 2015
Groupon has announced that current chief operating officer Rich Williams is to be the company’s next chief executive officer.
Eric Lefkofsky, the company’s current CEO, will continue on with the company as chairman of the board of directors, and current chairman Ted Leonsis will become lead independent director.
The announcement came at the same time as the online retailer revealed its results for the third quarter of 2015, showing that revenues had dropped slightly to $713.6m (£462.9m), compared to $714.3m during the same period last year.
Gross billings, which refer to the total dollar value of customer purchases of goods and services, also faltered slightly, falling to $1.49bn from $1.49bn for the third quarter of 2014.
“Over the past few years, we've repositioned the business for success and strengthened our foundation,” remarked Lefkofsky.
He continued: “We've successfully transformed Groupon to support our next stage of growth. The business is stable, the marketplace is scaling, and we are ready to take our next big step. Now is the right time for me to return to my role as chairman, and let Rich, who has done a tremendous job over the past four years, lead Groupon during this next stage.”
The market reacted well, with shares rising modestly by 0.9 per cent after hours.