The widely-expected move came after the online voucher firm posted another quarterly loss, prompting a 24% slide in its share price on Thursday.- Groupon’s shares have lost 77% of their value since the firm was floated on the Nasdaq in November 2011, as investors fear its business model offering bulk discount deals may be unsustainable.
- He had never run a company before, and all of a sudden he was running a company which was in almost 50 countries worldwide.
The founder and chief executive of Groupon, Andrew Mason, has been ousted.
The widely-expected move came after the online voucher firm posted another quarterly loss, prompting a 24% slide in its share price on Thursday.
|
||
|
Groupon’s shares have lost 77% of their value since the firm was floated on the Nasdaq in November 2011, as investors fear its business model offering bulk discount deals may be unsustainable.
Mr Mason, who set the firm up in 2008, told staff: “I will miss you terribly”.
In a note to employees, he said: “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.”