Groupon CEO and founder let go as shares plummet

0

Groupon founder and CEO Andrew Mason has been fired from his post in the wake of the latest quarterly loss from the company, the results of which saw the company’s shares drop 24%.

Mason’s position has been tenuous for a while and Mason himself confirmed that he would no longer be helming the company with a note to staff that starts “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.”

His note continues “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.”

AllThingsD reports that news of Mason’s ousting bounced the company’s stock back up by 10%. The company will apparently be creating an Office of the Chief Executive to run matters until Groupon finds a new CEO.

Source: BBC

Share.

About Author

Leave A Reply