A Groupon founder, kicked out the door last week, is getting what must be the smallest severance in Wall Street history. Don't shed too many tears - he's still worth millions.
Last Thursday, Groupon founder and CEO Andrew Mason announced he was being fired…
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. From controversial metrics in our S1 to our material weakness to two quarters of missing our own expectations and a stock price that’s hovering around one quarter of our listing price, the events of the last year and a half speak for themselves. As CEO, I am accountable.
The company’s IPO includes details of Mason’s compensation, which include six months’ pay and healthcare benefits. That doesn’t sound bad, except his salary was reduced to $756.72 in 2011 – at his own request, according to CNN.
But that’s just another quirk in the quirky story of Mason, who referenced a 22-year-old video game in his farewell letter and once tried to give NYC mayor Michael Bloomberg a pony. (When he found out the mayor’s daughter had recently been in a riding accident, minutes before he arrived, Mason scrambled to hide the pony in an elevator.)
It’s not like he’s broke: he still owns almost 47 million shares of Groupon. And even though the stock is now a Groupon-worthy bargain of “75% off,” those shares are still worth about $213 million.