Groupon COO Departs As Company Corrects IPO Offering For Third Time
Margo Georgiadis was hired as Groupon’s Chief Operating Officer (C.O.O.) just five short months ago and already she has announced plans to return for work at Google thanks to a hefty promotion.
Not only is Margo going back to Google to become president of the Americas, she’s the second COO lost by the company in just two months.
News looked even more grim for Groupon after they issued a third amendment to their IPO which cut revenues in half for 2010, making America’s “fastest growing company” in history spiel seem a whole lot less appealing for investors. Groupon filed the amended S-1/A paperwork with the SEC on Friday afternoon.
Realizing that the COO role has been a near disaster for his company CEO Andrew Mason has announced that he will take over much of the role himself. Here’s what he had to say:
We’ve built a fantastic team that has proven itself highly capable, so this change won’t have an impact on operations. In fact, we are using it as an opportunity to reorganize in a way that reflects our evolving strategic priorities. Sales, Channels, International, and Marketing will now report directly to me.
Here’s a note from Margo: “Groupon is a great company and I feel privileged to have worked there even for a short time. It was a hard decision to leave as the company is on a terrific path. I have complete confidence in the team’s ability to realize its mission.” We wish her well.
The company still hopes to go public in October but the more their questionable accounting practices are brought into question, specifically regarding the tremendous cost they have incurred to attract new customers the better that $6 billion Google offer from the past has to start looking.
Do you think Groupon has lost some of their luster with the introduction of various competitors and a revenue model that has left many analysts shying away?