Groupon names chief accounting officer

Reuters News
Posted: Sep 10, 2012 10:51 AM
Groupon names chief accounting officer

(Reuters) - Groupon Inc said on Monday it appointed Brian Stevens chief accounting officer as the online daily deal company grapples with a string of accounting controversies.

Stevens will step into the role immediately and report to CFO Jason Child.

Stevens joins Groupon after a 16-year career at KPMG, where he was most recently an audit partner.

Groupon raised concerns in the spring over how it accounts for revenue for its popular goods-selling business.

The company also stopped reporting a controversial financial metric called Adjusted Consolidated Segment Operating Income last year after pressure from regulators.

Once considered one of the most promising online social media businesses, Groupon has struggled since its IPO last year as questions linger over the sustainability of its business model. Many high-level managers, including its senior sales executive, have left the company.

University Corruption
Walter E. Williams

(Reporting by Jennifer Saba; Editing by Dan Grebler)