Groupon Inc., operator of the largest daily-deal website, named former KPMG LLC executive Brian Stevens as Chief Accounting Officer.
Stevens, who worked for 16 years at accounting firm KPMG LLP, will report to Groupon Chief Financial Officer Jason Child, the Chicago-based company said today in a statement. Joe Del Preto will continue as global controller, reporting to Stevens.
Groupon has tumbled 79 percent since selling shares at $20 apiece in a November initial public offering as a series of accounting restatements rattled investors. The company in March reported "material weakness" in financial controls, a move that was preceded by the restatement of 2010 earnings results. While Ernst & Young LLP was Groupon's auditor, KPMG has worked to help address accounting flaws, the company said in April.
The shares gained less than 1 percent to $4.30 at 10:05 a.m. in New York.Copyright © 2014 Paddock Publications, Inc. All rights reserved.