Why Are Groupon (GRPN) Shares Shooting Upwards Today - Groupon (NASDAQ:GRPN)

Groupon, Inc's GRPN shares are trading higher on Friday after announcing its CEO transition.
The company named Dusan Senkypl, co-founder of Pale Fire Capital and a member of the Board, to the role of interim CEO, effective immediately.
Pale Fire Capital is Groupon's largest shareholder, holding nearly 22% of outstanding shares.
In June 2022, Groupon entered into a cooperation agreement with Pale Fire, Dusan Senkypl, and Jan Barta. Under the cooperation agreement, Groupon's Board appointed Senkypl as a new director.
Senkypl succeeds Kedar Deshpande, who has stepped down as CEO and Director of Groupon. Deshpande joined GRPN in December 2021, replacing interim CEO Aaron Cooper.
In March 2020, Groupon stated that Rich Williams was no longer serving as CEO and named Aaron Cooper to the interim role.
In March, Groupon reported a fourth-quarter revenue decline of 34% year-on-year to $148.2 million, missing the consensus of $161.6 million.
Adjusted EPS loss of $(0.38) beat the consensus loss of $(0.40).
The stock lost 54% YTD versus the broader index SPDR S&P 500 SPY, which gained 7%.
Price Action: GRPN shares traded higher by 21.7% at $4.10 on the last check Friday.

Why Are Groupon Shares Shooting Upwards Today