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Groupon sacks founder and CEO Andrew Mason

Admits he's accountable for the company's tumbling financials
Fri Mar 01 2013, 10:41
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VIRAL MARKETING OUTFIT Groupon has sacked its founder and CEO Andrew Mason.

The firing comes after Groupon posted another quarterly loss of $80m, which saw the firm's shares slide a whopping 24 percent on Thursday. Groupon announced that Mason will be replaced by executive chairman Eric Lefkofsky and vice chairman Ted Leonsis for the time being while the board looks for a new CEO.

"On behalf of the entire Groupon Board, I want to thank Andrew for his leadership, his creativity and his deep loyalty to Groupon. As a founder, Andrew helped invent the daily deals space, leading Groupon to become one of the fastest growing companies in history," said Lefkofsky.

In a candid memo to Groupon employees, Mason admitted that it was probably the right time for him to leave, and he admitted that he was accountable for the company's recent poor performance.

He said, "After four-and-a-half intense and wonderful years as CEO of Groupon, I've decided that I'd like to spend more time with my family. Just kidding - I was fired today.

"If you're wondering why... you haven't been paying attention. From controversial metrics in our S1 to our material weakness to two quarters of missing our own expectations and a stock price that's hovering around one quarter of our listing price, the events of the last year-and-a-half speak for themselves. As CEO, I am accountable.

"For those who are concerned about me, please don't be - I love Groupon, and I'm terribly proud of what we've created. I'm OK with having failed at this part of the journey. If Groupon was Battletoads, it would be like I made it all the way to the Terra Tubes without dying on my first ever play through." µ

 

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