Groupon Inc(NASDAQ:GRPN)’s founder and Chief Executive
Andrew Mason got a breather on Thursday as the board decided not to replace him
immediately.
The board had met to deliberate on the future of the
company, including that of its boss Andrew, who is being held responsible for
the woes of the company and not doing enough to stem the fall of its shares.
Some members had planned to voice their frustration
with Mason's leadership. The shares of the company fell after it became clear
that he would not be replaced.
“The board and the management team are focused on the
performance of the company and they are all working together with heads down to
achieve Groupon’s objectives,” Paul Taaffe, a spokesman for Groupon, told
Bloomberg in an interview.
Groupon, which offers online deals on services such as
restaurants, salons and spas, has seen its share price eroding about 80 percent
from its debut last year.
Mason, 32-years old college music major, has appeared
ineffective in recent months in leading the company he founded out of the
morass it has become bogged down in while some company executive feel he is
actually hindering its growth.
Entrepreneurs with a genius of an idea are often found
not to have the business acumen to lead it when it starts to grow and starts
interacting with a harsher ecosystem outside.
Groupon has been hit by the global economic slowdown,
particularly the debt crisis in the Eurozone, where it has been suffering
losses.
Groupon shares fell 8.2 percent to $4.17 at 9:44 a.m.
in New York.
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