* Raman joined in April; is leading Europe reorganization
* Groupon lost 2 COOs during hyper-growth ahead 2011 IPO
* CEO says seeing early progress in European turnaround
By Alistair Barr
SAN FRANCISCO, Nov 14 (Reuters) – Groupon Inc said
on Wednesday that it promoted Kal Raman to chief operating
officer, giving the executive more power as the world’s largest
daily deal company tries to turn around its struggling
international businesses.
Raman joined the company in April and was previously Senior
Vice President, Global Sales and Operations. As COO, he will
continue to report to Chief Executive Andrew Mason and oversee
the company’s global sales and operations, Groupon said.
Groupon lost two COOs when the company was growing at a
ferocious pace leading up to its initial public offering late
last year. Since then, growth has slowed to the point where many
on Wall Street and beyond question the company’s business model.
Groupon shares have lost more than three quarters of their
value since the IPO. The stock hit record lows in recent days
after the company reported disappointing third-quarter results
as it struggled to turn around its European business.
Raman has been leading the re-organization efforts in
Europe.
“We are already seeing progress in Europe and Kal will be
instrumental in leading our company as we deploy tools and
technologies that will help us continue to grow,” Mason said.
Groupon shares gained 3.8 percent to $2.73 on Wednesday.
