Groupon’s (NASDAQ:GRPN) COO position has been vacant for two years, but it looks like they’ve finally found someone to fill the position. Steve Krenzer has been appointed to the role of Chief Operating Officer.
In November 2015, Rich Williams became the company’s CEO, leaving the position of COO vacant, for what turned out to be two whole years before somebody was found to take the reins. Krenzer, the former CEO of direct-response advertising firm Core Digital Media, was the man for the job.
Appointing Krenzer as COO of Groupon, given his background, seems to suggest that the company is looking to step up its marketing activities. Groupon has said that “Krenzer will have ultimate oversight for the company’s North America and International segments, as well as Global Marketing and Global Operations.”
In its third quarter this year, Groupon spent $101.5 million on marketing activities, suggesting that its marketing budget has expanded 20% year-over-year. The revenues for the quarter were $634.5 million, which actually makes its year-over-year 8% lower. This is largely due to restructuring measures, however, given the fact that Groupon has pulled away from some international markets.
It will be interesting to keep an eye on the company for the next little while and see what a difference having a COO can really make.
Featured Image: depositphotos/wolterke
