"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."
Those words kicked off Andrew Mason's letter on Feb. 28, 2013, notifying Groupon employees and the general public that he had been pushed out of the daily deals company he'd helped create. "If you’re wondering why," Mason wrote, "you haven’t been paying attention."
Mason went on to list a few of the company's biggest letdowns to that point: a turbulent IPO process, back-to-back quarters of missing its earnings estimates and a stock that had cratered to a quarter of its IPO price. Mason didn't even get into the company's international struggles, the larger problems in the daily deals space or the fact that one day earlier, Groupon's stock had fallen by more than 25% after hours following an earnings miss. Read more...
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