Groupon Fires CEO, Receives Public Farewell - The UpStream

Groupon Fires CEO, Receives Public Farewell

posted Saturday Mar 2, 2013 by Scott Ertz

Groupon Fires CEO, Receives Public Farewell

We have written about the spectacular failure that Groupon has been since before their IPO. Between June and August of 2011, their traffic dropped 50%; not exactly the press you need before you announce your IPO in October. Their attempt to get a good valuation and some investment money didn't quite pan out. Add to that unsuccessful product launches and you end up with a company in trouble.

Their disaster has been so legendary that all recent IPOs have been scored in relation to theirs: Facebook was compared to determine which was worse, and LinkedIn proved an IPO could be successful. But what of the leaders of companies who lose their shirts in the stock market? Often times they are taken out and fired. Groupon has decided to follow in BlackBerry's footsteps, letting Andrew Mason, their CEO, go.

Andrew didn't respond the way most CEOs do when terminated - he released a public statement, and it is a unique one. He knew what was coming and does not blame the company. We have the statement after the break.

Press Release

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