More than 20 months after Rich Williams stepped down as Groupon's CEO, the Chicago tech firm finally has its next full-time chief executive officer.
Groupon (NASDAQ: GRPN) said Wednesday it has named Kedar Deshpande its next CEO. Deshpande was previously the CEO of online footwear company Zappos, a role he assumed in August 2020 after the death of Zappos founder and CEO Tony Hsieh. Hsieh died from injuries he suffered in a house fire in New London, Conn.
Deshpande takes over for interim Groupon CEO Aaron Cooper, who was appointed the temporary chief executive in March 2020 after Williams and then Chief Operating Officer Steve Krenzer stepped down from their roles.
Deshpande will officially step into the CEO role on Dec. 10, Groupon said. He's also been appointed to Groupon's board of directors. He'll receive an annual base salary of $700,000, along with a $1 million sign-on bonus, Groupon noted in a filing Wednesday.
“Kedar has a strong track record of driving growth and operational excellence, and brings significant e-commerce leadership experience to Groupon," Groupon board chairman Ted Leonsis said in a statement. "We believe these characteristics coupled with his passion for people and culture, will allow Kedar to successfully lead Groupon into its next chapter of growth."
Deshpande spent 10 years at Zappos, and before that was a software engineer for General Electric.
“Groupon is at a pivotal moment in its journey to become the destination for local, and I am honored to take on this leadership role," Deshpande said in a statement.
Groupon's shares were up more than 2% in premarket trading. Its stock is down more than 40% year-to-date.
