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

31–40 of 201 posts

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

#31

Post by nraynaud »

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.

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

#33

Post by jedc »

kurtvarner wrote: post #22
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…

He's being replaced by Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonisis. They will serve as co-CEOs until they find a permanent replacement. Here is Lefkofsky's statment: On behalf of the entire Groupon Board, I want to thank Andrew for his leadership, his creativity and his deep loyalty to Groupon. As a founder, Andrew helped invent the daily deals space, leading Groupon to become one of the fastest…

And if I remember correctly, Eric Lefkofsky was one of the investors who cashed out ~$1billion (!) of his Groupon shares during one of their last VC rounds. I'm surprised they were able to do that, but so many people were killing themselves to be a part of the deal that Eric was able to push this slimy deal through. How any rational VC allows early investors to do that is beyond me...

Nothing against the guy (I have no experience with him) but that deal just smelled rotten. So I'm not convinced that these two people are going to be particularly effective replacements/stand-ins.

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

#35

Post by petercooper »

larrys wrote: post #27
ovoxo wrote: post #15

Earlier quoted context omitted.

If you've ever seen, read, listened to anything from this guy, you know he doesn't use PR people. Trust me, this is straight from his mouth/mind.

Thanks I was wondering about that.

Yeah, he was once meant to be on TV news talking about Groupon and because they asked a question he didn't want to answer, he told a funny irrelevant story about his life just to play out the clock. A real square peg in a round hole but in the best possible way (though not necessarily from investors' POV).

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

#36

Post by dylangs1030 »

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…

It's refreshing to see an exit memo that is so honest. He even put some humor in there, and personal accountability.

Self-deprecating though it may be, I'm sure there are a multitude of factors that he's taking the fall for. CEO's are responsible of course, and he's taking this hit as gracefully as anyone could, but there's no way he could shoulder all of this on his own.

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

#40

Post by downandout »

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…

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 private jet to a private island.
Post reply on HN