Madison Reed has raised $32.1 million since launching 15 months ago.
Brian Stevens will report to the daily deal operator’s chief financial officer.
Groupon Inc. today named accounting and consulting firm KPMG LLP executive Brian Stevens chief accounting officer, effective immediately.
Stevens will report to Jason Child, the daily deal operator’s chief financial officer.
Stevens worked at KPMG LLC for 16 years. His most recent position was as an audit partner, which he had held since 2007.
Groupon has faced scrutiny over its books ever since it announced plans to go public in June 2011. The daily deal operator revised its statements several times prior to going public. And in March, just months after it began trading, Groupon had to restate its earnings after underestimating the reserves required to handle refunds for high-priced items like a three-course tasting menu at a tony restaurant. The company’s auditors, Ernst & Young LLP, also found that the company had a material weakness in its internal controls, which means the internal controls Groupon has in place to prevent financial statement irregularities were ineffective.
Joe Del Preto, who previously held the position of chief accounting officer, will remain at Groupon in the role of vice president and global controller. He’ll report to Stevens.