Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Andrew Mason's statement about being fired as Groupon CEO

jottit.com

Post reply on HN
Print view View original

131–140 of 201 posts

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

#131

Post by BostonCFO2 »

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…

Private companies / IPO research firm PrivCo actually foresaw all this in 2011 pre Groupon IPO. Boy were they right. Just looked up some of the research I read then that made me a believer to avoid Groupon stock and its IPO. A taste, pretty good crystal ball, good solid analysis of the numbers:

http://bit.ly/Y3hfft

But firing Andrew Mason does not fix Groupon's problems, whose business model is fundamentally flawed. And the problem now: Eric Lefkofsky's Super-Voting Stock (many times public shareholders) means he's still the same guy in control, though now has the CEO title too. So nothing will improve at Groupon. Andrew Mason was only a puppet CEO. Lefkosfky called all the major decisions. IPO investors: boycott ALL IPOs with supervoting stock! This is exactly why! Shareholders should be booting Mason AND Lefkofsky. (Zynga has the same problem: Mark Pincus gave himself 70x-to-1 supervoting stock before the Zynga IPO...stock's down 70% from IPO in barely over a year, yet you can't get rid of him). Don't buy these IPOs. (Also some thing PrivCo and others have advised clients, and I'm one of them.) No matter how tempting the IPO sounds, don't do it. Go on to the next IPO...I'm an active IPO investor, and there are always great new ones on the horizon....just wait for the good ones.

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

#133

Post by nraynaud »

clark-kent wrote: post #86
nraynaud wrote: post #31

Earlier quoted context omitted.

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.

And? I would probably fail way sooner, and that wouldn't mean that making a funny departure letter should save my ass if I misled people.

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

#136

Post by JasonFruit »

lifeisstillgood wrote: post #81
phillco wrote: post #17

Earlier quoted context omitted.

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

In fact, admitting you failed may be even harder when you're accustomed to being wealthy and in a position of command.

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

#137

Post by mrgordon »

camkego wrote: post #126

Well done. "I let a lack of data override my intuition on what's best for our customers." Isn't it intuition that becomes the problem when faced with a lack of data?

It seems he means that his intuition was correct but wasn't followed for lack of data backing it up

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

#138

Post by hnriot »

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.

I should imagine that staring at $200 does a lot to lessen the pain. Groupon has been a big scam from the start and to come out of that with a huge pile if cash is nothing short of a scandal. In America the banks nearly bring down the whole of the western world's economies and we bail them out so they can give themselves huge bonuses instead if sending them to jail. And this guy gets to spend the rest if his life in luxury leaving behind a miserable bunch of share holders and customers.

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

#139

Post by jyothi »

juan_juarez wrote: post #83
hyperbovine wrote: post #51

Earlier quoted context omitted.

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.

so true. just that if they superimpose then for sure you go into depression. Now that can be life changing.
Post reply on HN