Groupon promotes COO to top job

Chicago-based e-commerce marketplace Groupon Inc. promoted its chief operating officer to CEO.

Rich Williams succeeds Eric Lefkofsky, the co-founder of the company who resigned to become board chairman.

In a conference call yesterday afternoon, Williams laid out plans to spend around $200 million a year on marketing, sacrificing profit and revenue to increase business in the U.S., Canada and other key markets.

Read more from the Wall Street Journal.