You know you're kind of a big deal when your departure causes your company's stock to decline.
Groupon announced in an SEC filing earlier this week that Jeff Holden, its top product exec, would be leaving the company in mid-March. The stock dipped the following day as multiple analysts raised concerns about his departure. One analyst wrote that his "bullish view on Groupon's multi-year turn-around is somewhat up in the air" as a result.
Now we know what Holden is doing next. Uber, the popular on-demand car service, announced early Friday that it had hired Holden to take over as its new chief product officer.
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"He will be a strong strategic thought partner for the executive team and someone with whom I can spar to solve Uber’s hardest problems and invent our future," Travis Kalanick, Uber's cofounder and CEO, said in a statement. "Having experienced Amazon’s hyper-growth from the very early days, Jeff knows how to think big while building for the long-term and scaling a world-class product organization."
Before joining Groupon, Holden was one of the earliest employees at Amazon, having previously worked with founder Jeff Bezos at D.E. Shaw, a New York hedge fund. Holden later launched Pelago, a startup that developed a location-based service similar to Foursquare. That startup was acquired by Groupon in early 2011, bringing Holden on board.
Holden had been involved in key efforts to keep Groupon's service competitive in the changing daily deals and ecommerce landscape, including completely redesigning Groupon's website in November for the first time in the company's five-year history.
Uber recently raised a $258 million round of funding led by Google Ventures and it is one of a couple dozen companies with a valuation of more than $1 billion said to be likely candidates for an IPO.
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