Groupon Says CFO Is Leaving, Increases Stock Buyback Program

Groupon Inc.'s stock dropped 1.3% in premarket trade, after the discount voucher company said it's chief financial officer was leaving the company and that it added $200 million to stock repurchase program. The Chicago-based company said CFO Jason Child will leave at the end of July, to relocate to the West Coast. Brian Kayman, currently the vice president of tax and treasury, was named interim CFO, effective immediately, while the company searches for a permanent replacement. "Jason has done a tremendous job of helping lead Groupon through one of the most explosive periods of growth any company has ever experienced," said Chief Executive Eric Lefkofsky. Groupon said the new share buyback authorization, which continues through August 2017, adds to the previously announced $300 million buyback program. Separately, the company also named Rich Williams as chief operating officer. The stock has plunged 27% year to date through Tuesday, while the S&P 500 has gained 2.5%.