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back to article Groupon CEO Mason sent packing as shares continue to plummet

Groupon CEO Andrew Mason has been handed his walking papers, to be replaced by executive chairman Eric Lefkofsky and vice chairman Ted Leonsis on an interim basis while the board looks for a new chief exec. The move comes less than 24 hours after the struggling daily-deals site announced yet another disappointing quarter, …

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I have to admire his honesty

He seems to have been a crap CEO running a joke of a business, but that resignation letter is the most honest admission of personal failings I've seen in a long time. I wonder what working for him was like.

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Re: I have to admire his honesty

And humor. Funniest intentionally-funny corporate communication in some time. His calling out of the insincerity of most resignation statements is refreshing.

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Re: I have to admire his honesty

Couldn't have said it better myself, he didn't go to the same BS classes as your average ceo.

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Stop

Re: I have to admire his honesty

Really? All I can see is a fat "battletoad" that has sponged off investors with somthing that turned out to be a Really, really bad idea just around the 70's, and is ultimately walking off with a serious profit on his personal bank account.

I'd damn well be smiling and joking too..

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Re: I have to admire his honesty

Investors should do research before investing otherwise they are mug punters gambling not investing.

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Re: I have to admire his honesty

"On behalf of the entire Groupon Board, I want to thank Andrew for his leadership, his creativity and his deep loyalty to Groupon."

With a nice big pay off for failing with a failing concept.

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Anonymous Coward

Re: I have to admire his honesty

He may be honest about how he his shortcomings in the role and how as CEO he saw he was getting in the way of the future of the company ..... but to give a positive spin on that surely he'd would need to be able to say "I realized all this and so I'm resigning" - instead it reads more like "despite all this I stayed on until other people noticed and fired me"

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Re: I have to admire his honesty

We were talking about this the other day at work - what incentive is there in today's era of golden parachutes for CxO's to give a toss whether they succeed or fail? Paid if they do well, paid off with enough money to retire on if they don't, and no-one dare say a word against them in case it reflects badly on share prices. I'm honestly starting to suspect the likes of Gates and Ballmer know that they don't have a clue how to revitalise their cash cow businesses and don't care because they already have more money than they know what to do with.

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Re: I have to admire @Eric

If a person does intense statistical analysis in order to pick the winning horse in a race does that make them an investor?

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Re: I have to admire his honesty

With a nice big pay off for failing with a failing concept.

How is it a "failing concept"? They got a pile of money from investors. Looks like their plan was a success to me. When did GroupOn claim they planned to produce anything of value?

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Happy

Candidates

How about that lunatic from Overstock.com? Or that orange guy thats the Speaker of The House?

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Pint

At least he's got a sense of humour about it.

Beer for Friday.

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FAIL

Eric Lefkofsky

At least Groupon still has Eric Lefkofsky, "lets start having fun ... lets get funky ... lets announce everything ... lets be WILDLY positive in our forecasts ... lets take this thing to the extreme ... if we get wacked on the ride down – who gives a shit ... THE TIME TO GET RADICAL IS NOW ... WE HAVE NOTHING TO LOSE...,"

For anyone who has lived under a rock the last couple years: http://www.theregister.co.uk/2011/06/11/eric_lefkofsky_of_groupon/

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Sweet Success

Mason has definately succeeded. The article doesn't mention how much Mason walked away with but judging by his letter this is definately a happy camper.

He walks away with a large capital, a packet load of experience, an address book that probably couldn't be paid for and I can easilly imagine that he is already thinking about his next venture.

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Anonymous Coward

Re: Sweet Success

......and I can easilly imagine that he is already thinking about the next marks to be targetted.

there, fixed that for you.

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Anonymous Coward

Re: Sweet Success

Probably walked away with a voucher entitling him to buy millions of dollars worth of Groupon Stock at a massive discount from their list(ing) price! But, like all Groupon offers it depends on whether he's actually able to cash that voucher in for what he was expecting to get!

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was just a matter of time for him and GroupOn in general

the entire concept is fundamentally flawed from both the user and the seller side. It sounds great,but ask a retailer...they are not enjoying

nice try, #FAIL it seems

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Today's Groupon Offer...

CEO, 50% off.

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Anonymous Coward

but he WOULD like to spend more time with my family

wouldn't he? I wouldn't, but then, I'm a househusband, 24/7 with my family. Kinda. Now, if I was given marching orders, and a diamond parachute...

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Anonymous Coward

I mean really

How many people with a clue new this Biz model was unsustainable? Answer: Everyone. The others invested in GroupCon.

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