Tags: groupon | ceo | ousted | letter

Groupon CEO Ousted, Writes Memorable Resignation Letter

Friday, 01 Mar 2013 11:23 AM

By Alexandra Ward

Groupon Inc. ousted Chief Executive Officer Andrew Mason on Thursday, a move to push the online daily coupon site in a new direction after share prices have plunged, but it's Mason's memorable resignation letter that is really making waves.

Rather than bash the company that fired him, Mason penned a gracious goodbye that put his characteristic sense of humor on full display.

"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," Mason said in a note sent to his employees. "Just kidding—I was fired today. If you're wondering why… you haven't been paying attention."

Twitter users spoke out Friday in support of Mason's honest letter.



Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis will oversee the company as they search for a successor. Groupon said Thursday that first-quarter revenue will be $560 to $610 million. Analysts on average had predicted $647.7 million, according to data compiled by Bloomberg.

Groupon went public in late 2011 at $20 a share. The stock closed Thursday at $4.53.

Here's the complete copy of Mason's letter:

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 to two quarters of missing our own expectations and a stock price that's hovering around one quarter of our listing price, the events of the last year and a half speak for themselves. As CEO, I am accountable.

You are doing amazing things at Groupon, and you deserve the outside world to give you a second chance. I'm getting in the way of that. A fresh CEO earns you that chance. The board is aligned behind the strategy we've shared over the last few months, and I've never seen you working together more effectively as a global company — it's time to give Groupon a relief valve from the public noise.

Urgent: High Gas Prices: Is it Obama's Fault? Vote Now

For those who are concerned about me, please don't be — I love Groupon, and I'm terribly proud of what we've created. I'm OK with having failed at this part of the journey. If Groupon was Battletoads, it would be like I made it all the way to the Terra Tubes without dying on my first ever play through. I am so lucky to have had the opportunity to take the company this far with all of you. I'll now take some time to decompress (FYI I'm looking for a good fat camp to lose my Groupon 40, if anyone has a suggestion), and then maybe I'll figure out how to channel this experience into something productive.

If there's one piece of wisdom that this simple pilgrim would like to impart upon you: have the courage to start with the customer. My biggest regrets are the moments that I let a lack of data override my intuition on what's best for our customers. This leadership change gives you some breathing room to break bad habits and deliver sustainable customer happiness — don't waste the opportunity!

I will miss you terribly.

Love, Andrew

Related stories:

Groupon CEO Says He'd Fire Himself If He Wasn't Right For The Job

Groupon CEO To Stay After Directors Discuss His Tenure

Groupon Cancels Gun-Related Deals

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Glassdoor: 25 Best Jobs in America for 2015 Topped by Tech, Healthcare

Wednesday, 28 Jan 2015 20:19 PM

Glassdoor has released its inaugural report 25 Best Jobs in America for 2015, and jobs in technology, healthcare, and pr . . .

Ludacris Custody Battle: Rapper Wins Full Custody of 13-Month-Old Cai

Wednesday, 28 Jan 2015 19:37 PM

In a custody battle for his daughter, rapper and actor Ludacris, whose real name is Chris Bridges, has been granted full . . .

Easter Island Mystery Solved? Research Suggests Cause of Demise

Wednesday, 28 Jan 2015 19:13 PM

New research is shedding light on the Easter Island mystery concerning what caused the downfall of the natives of the is . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved