Groupon CEO: Company Must Grow Up

Kid Dynamite submits: The headline Friday night was "Groupon Said To Reject Google's Offer." Wowza. First, a little background for the uninformed: Groupon is a localized online coupon site. They solicit retailers in various metropolitan cities, inducing them to offer deals which Groupon markets to their audience of eager bargain hunters.

Groupon chief executive Andrew Mason said Wednesday in his first comments since the online daily deals site went public that he believes the company is distancing itself from its rivals."There's no doubt the barriers to entry are very low" in the online coupon space, Mason told financial analysts at a technology conference sponsored by Credit Suisse in Arizona which was streamed over the Internet."We've had literally thousands of Groupon competitors launched around the world," Mason said. "But the data shows with equal certainty that the barriers to success are very high."

Investors hated Groupon's Q4 2012 earnings — both revenue and non-GAAP earnings came in lighter than expected. That places renewed pressure on CEO Andrew Mason, whose job was called into question back in December.

Groupon Inc.’s decision to fire Andrew Mason puts pressure on Chairman Eric Lefkofsky to find a replacement who can create a money-making business after the daily-deal provider lost US$723.8-million in the past three years. As chief executive officer, Mason presided over a plummeting stock price, restated earnings and at least three quarters of results that missed analysts’ expectations. Mason, 32, addressed his ouster yesterday in a letter to employees, joking about needing a “fat camp” to lose weight even while accepting responsibility for Groupon’s shortcomings.

Groupon just fired its CEO, Andrew Mason. Mason appears to have posted a farewell memo online.

It's happened. Andrew Mason is out as CEO of Groupon, according to a release from the company just now.

When Groupon first arrived on the scene, it was heralded for being the fastest growing company of all time. There is, of course, a danger to being a fast growing company. It's hard to predict if the incredible growth is just a fad, or something that can last in the long run.