As you may have seen last week, Groupon COO Margo Georgiadis, who replaced former COO Rob Solomon only a few short months ago, is leaving to rejoin her former employer Google in a new, more senior role. She will become Google’s president for the Americas. In leaving Groupon Georgiadis gave up a $500,000 annual salary and stock options worth more than $25 million, according to BusinessWeek.
Either she got a great deal at Google or things are not going well at Groupon, which has restated revenues in its IPO-filing documents now twice. There may have been other issues that we’re not aware of. Regardless, Georgiadis’ departure confirms the narrative that things aren’t going so well for Groupon. The company is still planning to go public later this year or early next.
Given everything Google may now be happy that it was unsuccessful in its more than $5 billion effort to acquire the Chicago daily deals company. The failure led directly to the creation of Google Offers, which had a slow start but now seems to be picking up momentum according to Yipit:
In addition, Yipit also said that Google was outselling larger rivals LivingSocial and Groupon in selected markets: