Groupon Names Rich Williams CEO In Mixed Earnings Report

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The deal service Groupon on Tuesday announced CEO and co-founder Eric Lefkofsky would step down, and Rich Williams would take over the company immediately.

The company said Lefkofsky would return to the role of chairman of the board. Williams told TechCrunch in an interview that he plans to renew investment in customer acquisition and increase focus on streamlining international operations.

“We’re still doing too many things in too many places at once,” Williams said in a phone interview. “We need to be willing to walk away from things that just aren’t doing well.”

Williams explained the company needs to think differently about its shopping business, which sells consumer electronics. He said they need a healthier product mix with higher margins.

Lefkofsky gave Williams a full endorsement.

“It was apparent to me and the rest of the board that he was a natural successor,” he said in a TechCrunch interview.

The CEO announcement came as the company reported mixed earnings, with sales falling short of analyst expectations and profits per share meeting them.

The company reported $713.6 million in revenue, short of the $732.74 million in sales Wall Street expected. The company reported a $0.02 profit per share, in line with the Street’s estimates.

The company also reported a light guidance for the fourth quarter of revenue between $815 million and $865 million. Typically the fourth quarter is key to the company as holidays drive sales and deals.