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Andrew Mason's statement about being fired as Groupon CEO

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Re: Andrew Mason's statement about being fired as Groupon CEO

#81

Post by lifeisstillgood »

phillco wrote: post #17
sethbannon wrote: post #4

Full text of his statement: (This is for Groupon employees, but I’m posting it publicly since it will leak anyway) People of Groupon, 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…

This has to be one of the most honest dismissal statements I've ever read. Major props to him.

Agreed, "I failed at this part of the journey"

Yes a few hundred million will make life easier but admitting you failed, up front in a letter you know will be read by everyone you can think of - it takes a certain kind of raw

Re: Andrew Mason's statement about being fired as Groupon CEO

#83

Post by juan_juarez »

hyperbovine wrote: post #51
downandout wrote: post #40

Earlier quoted context omitted.

Very classy. Keep in mind, though, that it makes is somewhat easier to take being fired in stride when you have a $200 million cushion. He doesn't have to deal with many of the challenges that most newly-fired people do - like finding a job in the not-too-distant future, etc. To be sure, getting kicked out of the company you founded is an emotionally challenging experience, but he can lick his wounds on board a priva…

Getting fired from something you poured your heart and soul into for close to five years, sacrificed relationships, health (+40 lbs), etc., must feel awful. I suspect he really does feel love for many of the people who were in the trenches with him during this time, as he avers in the closing line. Staring at your bulging bank account can only do so much to lessen that pain, at least in the short term.

Staring at an empty bank account, a pile of bills & wondering how you're paying rent next month does a remarkable job at distracting you from the emotional aspect of getting fired as well.

Re: Andrew Mason's statement about being fired as Groupon CEO

#84

Post by wpietri »

sillysaurus wrote: post #55
honestemptor wrote: post #30

Earlier quoted context omitted.

Are you serious? Groupon misled investors for years about its real financial numbers, and Mason (along with the puppetmaster, Lefkofsky) made millions off the fake data. The humor in this letter hides the real damage done to investors.

Would you back up your claims? This is interesting.

A good place to look is Rocky Agrawal's articles on Groupon. Here's his author feed:

http://venturebeat.com/author/rockya/

just scroll back a bit.

Re: Andrew Mason's statement about being fired as Groupon CEO

#85

Post by mbreese »

chollida1 wrote: post #48
koenigdavidmj wrote: post #29

Earlier quoted context omitted.

Since having two CEO:s worked so well for RIM^H^H^HBlackBerry.

To be fair, it worked extremely well for many years. Admittedly when the wheels fell off, they really fell off. I'm not sure you can make a judgement about 2 CEO systems from BBRY.

Also, it's not like the dual-CEO thing is supposed to be permanent at Groupon. I think they are just looking for some breathing room right now.

Re: Andrew Mason's statement about being fired as Groupon CEO

#86

Post by clark-kent »

nraynaud wrote: post #31
sethbannon wrote: post #2

I've had little respect for the way Mason ran Groupon, but I have immense respect for the way he's handling his dismissal.

A funny goodbye letter doesn't make up for lying consistently to investors since before the IPO. He failed, a lot, he did not have an accident, he failed over a long period and in various ways (ripping off the shops, the accounting trick and the share value/financial results). He's not a hero for writing this letter, he as to be treated with circonspection, and at best given a second chance under close watch.

Unless you have been in his position, running a multi-million dollar public company for the first time in your life, you don't know what mistakes you will make.

Re: Andrew Mason's statement about being fired as Groupon CEO

#87

Post by jedwhite »

"Nothing in his life Became him like the leaving it."

King Duncan: Is execution done on Cawdor? Are not Those in commission yet return'd?

Malcolm: My liege, They are not yet come back. But I have spoke With one that saw him die; who did report That very frankly he confessed his treasons, Implor'd your Highness' pardon, and set forth A deep repentance. Nothing in his life Became him like the leaving it.

Macbeth Act 1, scene 4, 1–8

Re: Andrew Mason's statement about being fired as Groupon CEO

#90

Post by ennuihenry »

sillysaurus wrote: post #55
honestemptor wrote: post #30

Earlier quoted context omitted.

Are you serious? Groupon misled investors for years about its real financial numbers, and Mason (along with the puppetmaster, Lefkofsky) made millions off the fake data. The humor in this letter hides the real damage done to investors.

Would you back up your claims? This is interesting.

This blog is pretty thorough in going through their past accounting issues: http://blogs.smeal.psu.edu/grumpyoldaccountants/archives/281

One of their obvious no-nos was that they were booking the total amount of the deal as recognized revenue, instead of their fees. Also they came up with non-GAAP accepted metrics to measure their performance which were deemed dubious by outsiders.

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