Boss of Starbucks quits board of Groupon
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Tuesday 01 May 2012
Howard Schultz, the boss of coffee chain Starbucks, has quit the board of Groupon, the fledgling daily deals company that has been embroiled in accounting problems since its flotation last year.
Mr Schultz, whose personal investment firm took a stake in Groupon in its very earliest days, said he would focus on "other time commitments". His exit, along with another board member, venture capitalist Kevin Efrusy, sent Groupon shares down 10 per cent in the final minutes of trading last night.
The company has lost 45 per cent of its value since floating in November. Founded in Chicago three-and-a-half years ago, it has grown into a global internet sensation which emails 150 million people a day with money-off coupons for local merchants. Last month, it had to restate its post-flotation financial results and warned it might not meet legal accounting standards for public companies.
Mr Schultz said: "During my tenure on the board, I was impressed by the game-changing opportunities that Groupon has delivered for both merchants and customers on a global scale."
The firm replaced Mr Schultz and Mr Efrusy with new directors Daniel Henry, CFO of American Express, and Robert Bass, a vice chairman of Deloitte.
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