more-arw search

Groupon Installs Former KPMG Auditor as Accounting Chief

Groupon recently announced the hiring of its new chief accounting officer.

Groupon, the online deal website that has been plagued by financial reporting problems since it went public late in 2011, announced recently that it has filled one of its top corporate accounting jobs.

Brian Stevens, formerly with audit firm KPMG, took the accounting reins at Groupon on September 10 as the company's new chief accounting officer. According to a MarketWatch report, investors in the website were rattled in the months following Groupon's initial public offering when financial statements indicated a significantly worse performance than previously anticipated. Revised fourth quarter 2011 reports reduced revenue by about $14.3 million and lowered operating income by about $30 million, the report said.

A look at the company's stock performance from market analysis website Seeking Alpha indicated that Groupon will likely grow in the coming years, with some experts projecting 37 cents per share earnings during 2013. Still, the website predicted that shares in the company, currently valued at around $4.26, will fluctuate between $3 and $6 for the foreseeable future.

Groupon's executives are certainly hoping that the addition of Stevens to the C-suite team will stabilize the company's shaky financial reporting performance and keep it ahead of competition from Google and LivingSocial.