Groupon fires CEO, still faces underlying problems
NEW YORK – Now that Groupon has gotten rid of its quirky founder and CEO, the chief question is whether the company's underlying online deals business is promising enough to reverse its falling stock price, declining revenue growth and waning consumer interest.
Groupon Inc. fired Andrew Mason on Thursday, one day after the company reported another disappointing quarter amid worries that people are tiring of the restaurant, spa and Botox deals that Groupon built its business on.
In a refreshingly candid memo to staff, Groupon CEO Andrew Mason admitted he "failed at this part of the journey" and said the company's employees "deserve the outside world to give you a second chance. I'm getting in the way of that. A fresh CEO earns you that chance."
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