Key Groupon exec departs for Staples after one year
SAN FRANCISCO May 7 (Reuters) - The head of Groupon Inc's retail division will depart next week to lead Staples Inc's online and digital arm, after only about a year at the Internet daily deals leader.
Faisal Masud joined Groupon in 2012 from eBay Inc to oversee "Groupon Goods", intended to compete more directly with eBay and Amazon.com Inc. Effective May 20, he will lead development of e-commerce for Staples, the office-supplies retail chain said in a statement on Tuesday.
Groupon has been struggling to make inroads into more traditional Internet retail as appetite wanes for the online local discounts it specializes in.
The company, one of the most feted Internet market debutantes of 2011, fired co-founder and CEO Andrew Mason in February after a string of disappointing results wiped out three-quarters of its market value. Groupon, which had lost several other key executives, is on the lookout for a new permanent chief executive.
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