Bloomberg News

Groupon CFO Says No Plan for New Business Model After CEO Exit

March 05, 2013

Groupon Inc. (GRPN:US), the largest daily deal website, has no plans to change its business model after firing Andrew Mason as chief executive officer last week, Chief Financial Officer Jason Child said.

“We’ll be looking for the right long-term replacement,” Child said at a Deutsche Bank AG conference today. “I would not expect there to be any sort of business-model changes or anything like that.”

Mason’s departure puts pressure on Chairman Eric Lefkofsky to find a successor who can create a money-making business after the daily-deal provider lost (GRPN:US) $723.8 million in the past three years.

Lefkofsky, who co-founded Groupon with Mason in 2008, will run the company with Vice Chairman Ted Leonsis as they search for a new CEO. The board members are charged with finding fresh leadership while accelerating a risky push into e-commerce and away from daily deals, a market Mason helped create.

To contact the reporter on this story: Douglas MacMillan in San Francisco at dmacmillan3@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net


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Companies Mentioned

  • GRPN
    (Groupon Inc)
    • $7.51 USD
    • 0.08
    • 1.07%
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