NEW YORK (TheStreet) -- Shares of Groupon (GRPN) were falling 3.3% to $5.83 on heavy trading volume Wednesday morning following the resignation of the online coupon company's CFO, and despite an increase to its stock buyback program.
Groupon said that CFO Jason Child will leave the company at the end of July to relocate to the West Coast. Brian Kayman, Groupon's VP of tax and treasury, will serve as interim CFO while the company's board selects a replacement.
The company also announced that it named Rich Williams as COO. Williams currently serves as the president of North American for Groupon.
Also, Groupon announced that its board of directors approved a $200 million increase to its previously announced $300 million share repurchase program. The authorization starts immediately and will continue through August 2017.
TheStreet Ratings team rates GROUPON INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GROUPON INC (GRPN) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and revenue growth. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."