Feeds

Groupon appoints ace financial duo to its board

Daily deals site needs folks who can do sums

Protecting users from Firesheep and other Sidejacking attacks with SSL

Groupon has added two financial experts to its board in a bid to do its accounting right, although investors don't seem too cheered yet.

The daily deals site has had a string of embarrassing accounting issues, the latest of which was a restating of its fourth quarter results after what looked like someone not being able to do their sums properly. Groupon hadn't set aside the right amount of money for potential refunds to customers after it raised the prices on its coupons.

Breaking the news earlier this month, the site said it had a "material weakness" in its financial controls that it planned to address.

Yesterday, Groupon said that it had appointed Daniel Henry, the chief financial officer at American Express, to the board to replace resigning director Howard Schultz, the CEO of Starbucks.

Both Schultz and Kevin Efrusy of venture capital firm Accel Partners handed in their notice, although Groupon said the decisions were "not the result of any dispute or disagreement with the company or its board".

Efrusy is staying on as director for now, but won't stand for re-election on 9 June at the annual shareholders' meeting. Groupon is proposing Robert Bass, vice-chairman at Deloitte, to take his place.

Henry has also been appointed to the site's audit committee and Groupon wants Bass there too so they can use their "deep financial, accounting and operational experience" to try to steer the company's accounts back onto the straight and narrow.

The news does not seem to have had an inspirational effect on investors however, shares in the site dropped 10 per cent on the news, released shortly before the closing bell in New York. ®

Website security in corporate America

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Hey, Scots. Microsoft's Bing thinks you'll vote NO to independence
World's top Google-finding website calls it for the UK
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.