Online deals portal Groupon isn’t far from the headlines at the moment – stock crashing after poor second-quarter earnings, major financier Kinnevik bowing out of the company and senior executives Daniel Glasner and Phillip Magin leaving the company.
Now the deals site is losing two more managers, Thorsten Schröppe and Sebastian Schmidt (co-founders of CityDeal, acquired by Groupon in 2010), who’ve announced their exit this September. The two high-ranking managers’ reasons for leaving the company could be similar to Glasner and Magin, who both reputedly left Groupon to focus on founding their own companies.
Out with the old and in with the new?
In the past year Groupon, who recently set up a new base in Berlin for up to 1,000 staff members (pictured above), has attracted attention for questionable working conditions and treatment of staff. The fact that two remaining managers from the “old guard” are leaving the company may not be a good sign and suggest the problems facing Groupon run deep in the structure of the company.
On a more positive note, the current restructuring of Groupon could come as a breath of fresh air, brought in by new CEO Jens Hutzschenreuter (left). He and Tobias Teuber were sent back to Germany to take over leadership roles after Glasner and Magin bowed out, leaving the high-ranking positions they held in the USA and Australia respectively.