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Groupon replaces Schultz, Efrusy on board

Groupon Inc appointed two new directors on Monday and said Starbucks Corp CEO Howard Schultz and venture capitalist Kevin Efrusy were leaving the board as the company tries to address criticism of its accounting practices.

Groupon said Robert Bass, a Deloitte LLP vice chairman, and Daniel Henry, CFO of the American Express Co, will join its board and serve on the audit committee. Henry joined last Friday. Bass needs to be elected at the June shareholders’ meeting.

The world’s largest daily deals company’s audit committee was criticised because some members are busy executives who may not have enough time to devote to fixing the company’s accounting problems.

(Source: CNBC)