Schultz is stepping down immediately, while venture capital firm Accel Partners' Kevin Efrusy's resignation from the board of directors will be effective as of the company's annual meeting in June. Groupon stated in a press release that Daniel Henry, the chief financial officer of American Express (AXP) had joined the board and Robert Bass, a vice chairman of Deloitte LLP should join its board after a shareholder vote at the annual meeting.
"With their deep financial, accounting and operational experience, Dan and Bob will provide invaluable expertise to the Board going forward," said Eric Lefkofsky, Groupon Chairman.
Groupon has been besmirched by accounting issues since its IPO, when it used a controversial method of accounting to inflate its revenue drastically. It recently restated fourth-quarter earnings, citing a shift in the company's fourth-quarter deal mix and higher price offers, which have higher refund rates.Groupon could not immediately be reached for comment. Shares traded down sharply on Monday, down 10.56% to finish at $10.71. Interested in more on Groupon? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. -- Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts