Yet another exec dashes out Groupon's door

Groupon has lost yet another top executive, this time the chief of its international business, as its weensy second quarter profit fails to impress investors.

According to an internal memo seen by Reuters, Veit Dengler is on his way out, while Chris Muhr, SVP of sales, will take over Europe, Middle East and Africa for the voucher bazaar.

Groupon would not confirm Dengler's departure when El Reg contacted it, but the coupon site did reveal Muhr's appointment, sending us this canned quote: "After nearly three years with Groupon on both Europe and the US and MyCityDeal before that, I'm excited about this next opportunity to lead our EMEA business," said Chris Muhr, SVP and GM, EMEA. "My main priorities right now are the successful rollout of our new technologies in EMEA and giving our customers the very best experiences through outstanding offers and service."

Dengler adds to a number of senior execs who've left Groupon in the last few months, including US sales boss Lee Brown.

Groupon made its first ever profit in the second quarter, bagging $28.4m, but analysts were expecting much more than the revenues recorded, which were $568.3 rather than the $573m that the market expected.

The coupon company blamed that old chestnut, the weak European economy, for its poor profit, but that hasn't saved its share price from falling even further since the results announcement, sliding 37 per cent in that time to $4.78.

"We've made great progress in the last few months, but we still have a lot of work to do, particularly in Europe," Groupon's operations chief Kal Raman said in the internal memo.

"While our challenges in Europe are no secret, after spending two weeks there, I am energised by the great team and clear opportunities to improve," he added. ®