Groupon Inc. is hiring an internet advertising executive and adding a former McDonald's Corp. marketer to its board as the company seeks to regain its stronghold on online deals.
Steve Krenzer is Groupon's new chief operating officer, effective immediately, the company said Wednesday. Mr. Krenzer was most recently CEO of internet display advertising company Core Digital Media. In his new role, he will oversee Groupon's North America and international segments and its global marketing and operations, Groupon said.
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The coupon company also said that Deborah Wahl, who until earlier this year was chief marketing officer for McDonald's domestic business, will join its board.
Ms. Wahl and Mr. Krenzer are being brought on as Groupon trims its presence in overseas markets and shifts its focus toward higher margin local offerings, such as restaurant deals and discounted pedicures.
Company executives have said they are prioritizing profit growth over revenue as they revamp the business model. Groupon's revenue declined 8% in its quarter ended Sept. 30, while it posted an adjusted profit of $6.8 million, an improvement from its year-ago $8.1 million loss.
Groupon was considered one of the fastest-growing companies before it went public six years ago. Since then, similar companies have encroached on its sales and its headcount has shrunk by about half.
Groupon shares gained 3.5% in early trading Wednesday.
The company also said that two board members, Jeff Housenbold and co-founder Brad Keywell, will leave the board amid the latest changes.
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(END) Dow Jones Newswires
November 01, 2017 10:14 ET (14:14 GMT)