Groupon’s stock sunk 8% intraday yesterday after Groupon revealed in an SEC filing that its Senior Vice President of Product Management, Jeff Holden, is leaving the company in March.
Holden worked at Groupon for nearly three years, after joining the company when Groupon bought Pelago, where he was CEO, in 2011. Holden held a key position at Groupon and was lauded for his understanding of consumer buying behaviour.
Before Pelago, Holden worked at Amazon for eight and a half years, leaving the company as the SVP of “worldwide discovery.”
Although we don’t know why Holden is leaving or where he is going, Crain’s reports that he won’t be joining a competitor.
Sterne Agee analyst, Arvind Bhatia, calls this move a “mild negative” for the company.
“The timing of the announcement adds to our existing concerns regarding 4Q trends,” Bhatia wrote in a note to investors.