There was a time when daily deal websites were among royalty in the Internet world. Sites like Groupon and Living Social were living so large that IPOs just seemed like the next obvious step. As quickly as those companies rose to the top, they have just as quickly slid back into the muck of a ton of other Internet businesses that are struggling to prove they are more than just a fad.
For its part, Groupon has made several different moves to try and stay relevant, including acquiring Savored. This particular company has a specialization that allows restaurants to offer deep discounts to diners who are willing to take previously empty tables during non-peak hours. Now, the company has made a more dramatic move by changing the man at the top. Last week, the company announced that Kal Raman had been named the new chief operating officer.
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One of the reasons behind this move was apparently because the company is hoping that Raman can rectify some serious struggles the company is having overseas. Raman was brought to Groupon in April as the SVP in charge of Global Sales and Operations. As COO, Raman will still answer to CEO Andrew Mason, while overseeing Groupon’s global sales operations.
"We are already seeing progress in Europe and Kal will be instrumental in leading our company as we deploy tools and technologies that will help us continue to grow," Mason said in a recent statement.
Since Groupon went public with their IPO, they have seen the value of their shares drop by more than 75 percent. The stock took additional hits recently when they reported very disappointing numbers in the third quarter thanks in large part to struggles in the European market. Raman will lead the rebuild in that region and try to get the company back on its feet.
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Edited by Brooke Neuman