Why Groupon (GRPN) is Plummeting on Tuesday

NEW YORK ( TheStreet) -- Shares of Groupon ( GRPN) are plummeting on Tuesday after the discounts site announced its product management SVP Jeffrey Holden would be leaving the company in just over a month.

By midmorning, shares had unloaded 8.2% to $10.17.

In an SEC filing, the company said Holden would be leaving the company effective March 18, but did not disclose a reason for the departure. Holden has been with the company since 2011 and had previously worked at Amazon (AMZN).

A day earlier, the Chicago-based business launched Deal Builder, a self-service option which allows local businesses to build their own deals to be offered on the Groupon platform. Shares closed Monday 1.8% higher on the news.

The company is set to report fourth-quarter and full-year results on Thursday, Feb. 20.

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