In its second-largest acquisition, Amazon buys the company for $970 million.
Faisal Masud has also worked at Amazon.com.
Groupon Inc. has hired Faisal Masud to oversee its rapidly growing Groupon Goods flash sale site. He takes over from Rajen Ruparell, who is moving into a global sales job, says a Groupon spokeswoman.
Groupon Goods is a bargain site where consumers can buy a small number of products from a mix of national and local merchants for a set period of time. Despite launching last September, Groupon Goods already accounts for more than 10% of the daily deal operator’s total North American business, according to data compiled by daily-deal aggregator Yipit.
Masud previously worked as global head of delivery experience at eBay Inc. Prior to that, from 2005 to 2010, he held various positions at Amazon.com Inc., including director of global sourcing and AmazonBasics, director of worldwide warehouse deals and category director, mobile electronics, according to his LinkedIn profile. Amazon.com is No. 1 in the Internet Retailer Top 500 Guide.
The move continues Groupon’s hiring binge, in which it has snapped up executives with experience at some of the biggest names in online retail over the past few months. The daily deal operator last week hired eBay’s general manager of global fulfillment Kal Raman as its senior vice president for the Americas region. Earlier this month it hired former Dell Inc. executive Veit Dengler as its senior vice president, international. And last month it hired Zynga Inc. executive Curtis Lee as its vice president of consumer products. The hires have come as Groupon faces scrutiny over its restatement of its earnings and declining stock price.
Groupon today also announced it added two board members to replace Starbucks CEO Howard Schultzand venture capitalist Kevin Efrusy. The two new members are Daniel Henry, American Express Co. chief financial officer and Robert Bass, vice chairman of Deloitte LLP. Both new board members will serve on the daily deal operator's audit committee.
At the Internet Retailer Conference & Exhibition, Timothy Peterson, chief marketing officer and cofounder of LocFree.com, will speak in a session entitled “Attracting and retaining talent in a competitive marketplace.”