Groupon’s rough summer ride hit another bump on Thursday, with the local daily deals company announcing its CFO Michael Randolfi had resigned to pursue another opportunity.
The Chicago-based company said that Chief Accounting Officer and Treasurer Melissa Thomas will serve as interim chief financial officer while it conducts a search for a permanent replacement for Randolfi. Randolfi notified Groupon of his intent to resign on Tuesday.
Thomas would be Groupon’s fourth finance chief in four years: Randolfi joined Groupon in April 2016, taking over from another interim CFO, Brian Kayman. Kayman took over the job when Jason Child left in July 2015.
Groupon said Randolfi did not leave as a result of any disagreement with management on financial matters.
The company’s new finance chief will have a significant challenge overcoming revenue declines and a falloff in customers.
Groupon reported a disappointing second quarter at the end of July. While it booked a lower net loss, of $40.2 million, the company’s revenue was below analysts’ estimates, at $532.6 million. That was down from $617.4 million a year earlier.
Groupon’s total number of active customers also fell, to 46.2 million from 47.2 million in the first quarter.
Groupon did make a couple of moves in August to better serve its customers. It announced a new membership program designed to increase engagement and repeat purchase rates by rewarding customers with exclusive savings and “insider perks.” Groupon also acquired Presence AI, an artificial intelligence-powered text and voice communications tool that facilitates messaging between customers and merchants.
Prior to joining Groupon, Randolfi was CFO of Orbitz Worldwide, helping drive that company’s merger with Expedia. Prior to Orbitz, Randolfi held a number of senior finance roles at Delta Air Lines, ultimately serving as senior vice president and controller.
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