Groupon Adds Marketing Muscle Amid Business Overhaul
November 01 2017 - 10:29AM
Dow Jones News
By Cara Lombardo
Groupon Inc. is hiring an internet advertising executive and
adding a former McDonald's Corp. marketer to its board as the
company seeks to regain its stronghold on online deals.
Steve Krenzer is Groupon's new chief operating officer,
effective immediately, the company said Wednesday. Mr. Krenzer was
most recently CEO of internet display advertising company Core
Digital Media. In his new role, he will oversee Groupon's North
America and international segments and its global marketing and
operations, Groupon said.
The coupon company also said that Deborah Wahl, who until
earlier this year was chief marketing officer for McDonald's
domestic business, will join its board.
Ms. Wahl and Mr. Krenzer are being brought on as Groupon trims
its presence in overseas markets and shifts its focus toward higher
margin local offerings, such as restaurant deals and discounted
pedicures.
Company executives have said they are prioritizing profit growth
over revenue as they revamp the business model. Groupon's revenue
declined 8% in its quarter ended Sept. 30, while it posted an
adjusted profit of $6.8 million, an improvement from its year-ago
$8.1 million loss.
Groupon was considered one of the fastest-growing companies
before it went public six years ago. Since then, similar companies
have encroached on its sales and its headcount has shrunk by about
half.
Groupon shares gained 3.5% in early trading Wednesday.
The company also said that two board members, Jeff Housenbold
and co-founder Brad Keywell, will leave the board amid the latest
changes.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
November 01, 2017 10:14 ET (14:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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