andrew given a statement about being fired itns nice
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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
#162Full 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…
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.
Oh, boo-hoo. If you invest in a company without reading or understanding their finanical reports, too farking bad. That's why you're an investor.
Re: Andrew Mason's statement about being fired as Groupon CEO
#163Earlier quoted context omitted.
"My biggest regrets are the moments that I let a lack of data override my intuition on what’s best for our customers." Otoh Meg Whitman has said something like "if you can't measure it you can't manage it".
"If you can't measure it you can't manage it" is a classic management platitude. I doubt Meg Whitman was the first person to say it. Furthermore, it's completely untrue. Many things that must be managed are incompletely measurable, and almost everything in knowledge work falls into that category. See Robert Austin's excellent "Measuring and Managing Performance in Organizations" for a scientific exploration of the to…
It was Drucker actually.
Re: Andrew Mason's statement about being fired as Groupon CEO
#164Earlier quoted context omitted.
This is the exact reason you want your CEO to have a good cushion: So you can fire him from one day to the next, or even discuss with him over a longer period of time that he'll have to go, and have as few worries as possible that he's going to take it reasonably well.
Personally I think it's exactly the reason why you don't want your CEO to have a cushion - he doesn't really care, it doesn't really matter to him that his former company is going down the toilet as he's cashed out long ago.
Cashing out is not thesame as not caring. Didn't Steve Job cash out when Apple fired him, but when he returned, he still cared enough to do awesome things. Why would you want the CEO of a public or big company to be worrying about his personal finance instead of the business. There is a reason why even hired CEO's are well compensated.
Re: Andrew Mason's statement about being fired as Groupon CEO
#165Earlier quoted context omitted.
Personally I think it's exactly the reason why you don't want your CEO to have a cushion - he doesn't really care, it doesn't really matter to him that his former company is going down the toilet as he's cashed out long ago.
Cashing out is not thesame as not caring. Didn't Steve Job cash out when Apple fired him, but when he returned, he still cared enough to do awesome things. Why would you want the CEO of a public or big company to be worrying about his personal finance instead of the business. There is a reason why even hired CEO's are well compensated.
You want a CEO's interests to be aligned with the company's, which is why most CEOs are given share options that will be worth something in 3 - 5 years, large bonuses based on success, and so on.
Steve Jobs cashed out when Apple fired him, but when they hired him back they also gave him large numbers of stock options [1], worth billions after he'd resurrected the company.
Re: Andrew Mason's statement about being fired as Groupon CEO
#166Earlier quoted context omitted.
Oh the tears of sorrow the poor guy will shed into his heated swimming pool after being ejected from such a respectable business , with 200 million to his name... I don't think I have been this touched ever since Lassie died.
Lassie died?!
Hush, don't let the bad man's lies scare you. Lassie is still alive and she's with Santa's Little Helper in a doggie spa in the maldives.
Re: Andrew Mason's statement about being fired as Groupon CEO
#167Earlier quoted context omitted.
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.
...or they had a special deal this week: Appoint one, get one free.
Re: Andrew Mason's statement about being fired as Groupon CEO
#168Earlier 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.
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…
Yes, how dare people make money. Those bastards!
Re: Andrew Mason's statement about being fired as Groupon CEO
#169Earlier quoted context omitted.
Would you back up your claims? This is interesting.
It's true. Groupon's accounting gimmickry is extensive, and began pre-IPO (recognizing full purchase price of coupon when they are only acting as an "agent" (middleman) not as a "principal" (i.e., making the food, owning the spas for the massages etc.), which as a CFO I can tell you is Accounting 101. Among other places: http://bit.ly/Y3hfft And yes Rocky Agrawal and the Grumpy Accountants Professors and PrivCo. And…
> It's true. Groupon's accounting gimmickry is extensive, and began pre-IPO (recognizing full purchase price of coupon when they are only acting as an "agent" (middleman) not as a "principal" (i.e., making the food, owning the spas for the massages etc.), which as a CFO I can tell you is Accounting 101.
How this is supposed to be an accounting issue and not fraud is beyond me.
Re: Andrew Mason's statement about being fired as Groupon CEO
#170It's shocking to me how bad the HN community is getting when I check out of a comment thread every couple weeks or so.