Paul Graham, the co-founder of Y Combinator, wrote in a blog post that the seed accelerator program has hired Andrew Mason, Kevin Hale, Michael Seibel, Steve Huffman, and Dalton Caldwell as partners. Kevin Hale will be a full partner and the others will be part-time partners.
Groupon CEO Andrew Mason was fired earlier this month. Mason is worth around $228 million according to a report with The WSJ. Mason’s 7.1% stake in Class A and Class B shares is worth around $228 million. This is addition to the $31 million that Mason earned before the company went public. Mason was a billionaire when Groupon went public, but the stock price dropped around 85%.
Groupon has fired CEO Andrew Mason. The company is currently looking for a new CEO. Executive chairman Eric Lefkofsky and vice chairman Ted Leonsis are going to be filling in during the interim. Mason was even speculating that the board would fire him back in November 2012. The problem Groupon is having as a public company is that they lost a fifth of their value since going public and they have been reporting consecutive quarterly losses.
Groupon CEO Andrew Mason spoke at the Business Insider Ignition conference today. In the interview, Mr. Mason said that the Groupon board might fire him.
Continue reading →
Groupon said yesterday that Kal Raman has been named as the chief operating officer. Mr. Raman was previously the senior vice president of global sales and operations. Mr. Raman joined Groupon this past April and will fill in an executive role that has been vacant since September 2011. Groupon had hired Margo Georgiadis from Google as COO last year. She resigned from that position five months later and re-joined Google as the president of the Americas.
Groupon has announced their Q3 2012 results today. The company has reported revenues of $586.6 million and earnings per share at $0.00. Groupon lost $3 million during the quarter including “stock-based compensation and acquisition-related expenses.” This totaled around $25.1 million, which is a bit more favorable to their Q3 2011 loss of $54.2 million. The revenue figure is up 32% year-over-year and the North American revenue for the company is up 81% year-over-year. Some good news for the company is that they surpassed the 200 million subscriber mark this quarter.
Groupon’s stock has fallen around 20% in after hours trading because the company missed estimates in Q2 earnings. Groupon’s stock has hit a low of $5.95 per share, but now it is at $6.06. Groupon announced $568.3 million in revenue, but Wall Street analysts expected around $573.13 million.
Groupon CEO Andrew Mason has been profiled on Bloomberg BusinessWeek where he discusses the company’s next direction. He said that his focus is now on building the “operating system for local commerce.” He envisions this as being a combination of software and technology services that would put the company into every transaction aspect of Main Street businesses.
