After last week's unceremonious termination of Groupon founder Andrew Mason as CEO, Chairman Eric Lefkofsky is now under pressure to turn the fortunes around of the beleaguered company. He is far behind, with Groupon losses amounting to US$723.8 million in the last three years.
The daily deal provider had its share prices fall of the cliff in the last three quarters. Lefkofsky is not new to the business, as one of the co-founders alongside Mason back in 2008. He will be working with Vice Chairman Ted Leonsis to find a new CEO. The push now is to get into e-commerce and away from the daily deals, the formula that built Groupon to hold the biggest technology IPO since Google only to see it slip away under the term of Mason.
Groupomn's share values climbed 13% after Mason's termination, closing at New York with a value of US$5.10. Previously, the shares fell by 24% after it announced its fourth quarter earnings report. By Feb 28, it had lost nearly three fourths of its share values since its November 2011 IPO.
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