Groupon's IPO prospect loses luster as COO leaves

Chicago-based Groupon, which created the deals craze, on Friday said Chief Operating Officer Margo Georgiadis is returning to former employer Google. The blow came as Groupon cut in half its previously stated revenue.

Groupon CEO Andrew Mason wrote on the company blog, "Sales, channels, international, and marketing will now report directly to me." He gave no reason for the departure. Georgiadis will become president of Americas at Google.

Groupon shaved its revenue for the first half of this year to $688 million, from $1.5 billion, in an acknowledgment on Friday of accounting missteps with the Securities and Exchange Commission. Groupon had reported the entire deal coupon as revenue instead of subtracting the merchant's cut. Groupon says in SEC filings that revenue minus merchant fees was always the metric to consider.

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- Posted: 2011-09-26 09:20:16

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