Groupon's retail chief heads for the door... after just 1 year
Office supplies... mmm. We hear there's money in that
Groupon's head of retail is leaving the beleaguered voucher bazaar after just one year in the job.
Faisal Masud, who joined Groupon from eBay to run its Goods division, will be leaving at the end of this month to develop ecommerce at office supplies firm Staples.
Groupon Goods is the daily deals site's alternative revenue stream, set up to sell products in competition with the likes of eBay and Amazon. The unit has provided a bright spot in the company's earnings reports as the appetite for its discount vouchers fades, although it's still too new to be a surefire rescuer for the firm.
After debuting to much pomp and ceremony back in 2011, Groupon has proved one of the most disappointing of the internet startups to go public, reporting increasingly poor results and steadily losing value.
CEO and co-founder Andrew Mason, who had hung onto his seat with all the tenacity of a bulldog, was finally let go in February this year, but not before a string of top execs left the firm for pastures they doubtless hope are greener.
The voucher vendor has yet to hire a new permanent chief exec, relying for the moment on executive chairman Eric Lefkofsky and vice chair Ted Leonsis. ®