Friday, March 1, 2013

Refreshingly Honest Ex-CEO

Andrew Mason, CEO of Groupon was fired yesterday.  Here's the opening to his letter to employees: refreshingly honest:

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.

Mr. Morton will receive half of his salary, which was $751/year according to the latest proxy.  The company will also buy back $6 million of stock that he purchased in 2009.  He leaves with his $212 million stake in the company he founded.

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