Saturday, 2 March 2013

Groupon fires CEO for ‘failure’



GROUPON fired Andrew Mason as chief executive officer on Thursday, ousting a co-founder who captured headlines with his quirky style but failed to reverse a crumbling share price or stop a gradual erosion of its main daily deals business.

The leader in Internet daily deals launched a search for a new leader to turn the company around, the same day its stock slid 24 percent after a dismal quarterly results report. In an unusually candid postfiring letter, Mason — known for his atypical sense of humour — confessed he was getting in the way of the company he co-founded just a few years ago, and had failed in his role as leader.

“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,” Mason wrote in a memo addressed to the People of Groupon and made available to Reuters.

The company said in a statement that Mason was asked to step down.

Groupon declined to comment on CEO candidates.

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