Chicago-based Groupon connects consumers with local merchants by offering discounts.

Photo: Andrew Harrer/Bloomberg NEWS

Groupon Inc. GRPN 14.11% said its chief executive and chief operating officer have relinquished their roles, effective immediately.

Rich Williams stepped down as CEO and board member and Steve Krenzer as chief operating officer on Wednesday, but both remain employed by the company, Groupon said.

“The terms of Mr. Williams’ and Mr. Krenzer’s separations will be disclosed as available and required,” the company said.

Aaron Cooper, a company insider who most recently served as Groupon president for North America, has taken over as chief executive while the company searches for a permanent CEO.

Groupon didn’t comment on the reason for the executive changes nor on the capacity in which Messrs. Williams and Krenzer remained employed. It also didn’t address the now-vacated position of chief operating officer.

A company representative couldn’t immediately be reached for comment.

The Chicago-based company connects consumers with local merchants by offering discounts on various goods, services and activities.

“Having spent 10 years with Groupon, I have seen the company develop from a small email-based platform into what we believe will be the leading online destination for experiences,” Mr. Cooper said in a statement. “We have a strong team in place that is in constant communication with our community, working on opportunities to support them in new ways during these uncertain times, even as we continue to focus on strengthening Groupon’s leadership position.”

Write to Maria Armental at [email protected]

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