Tuesday, May 1, 2012

Starbucks' Schultz Departs Groupon Board

Howard Schultz, the CEO of Starbucks, has resigned from the board of Groupon, after a board shuffling by the company yesterday. According to a filing from Groupon, which has been facing some issues with the firm's accounting, Schultz notified the firm on April 24th that he will resign as a member of the board, effective immediately. Schultz is not the only one to leave; Accel's Kevi Efrusy is also resigning. Groupon said, however, that it is adding American Express CFO Daniel Henry to the board, and Robert Bass of Deloitte LLP. Group had to restate its earning results in March--its first public quarter--due to accounting issues; the moves seem to be a bid to shore up the financial chops of Groupon's board.