Groupon Inc (NASDAQ:GRPN) CEO, Andrew Mason has decried the calls of his replacement by claiming that he is the right person to run the daily deals company. Mason also added that he would fire himself if he felt the need to do so. Groupon Inc (NASDAQ:GRPN) stock is down 80 percent since going public at the Nasdaq stock exchange in 2011.
Mason was speaking live at the Business Insider Ignition 2012 conference, and the company is scheduled to have its regularly scheduled meeting Thursday, reported Wall Street Journal. It is reported that the company’s board is in search of Mason’s replacement following its mediocre performance since going public. Groupon Inc (NASDAQ:GRPN) stock was sold at an initial public offer of $20 per share, but closed at $3.96 on Tuesday, representing more than 80 percent loss in value for the eCommerce company.
Andrew Mason admitted that Groupon’s performance has been wanting and noted said there have been “bumps in the road”. He added that, with the stock down 80% from its initial public offering, it is the board’s responsibility to ponder if he is fit to lead the company.
Mason was quoted in his response to a question during the interview with a business insider saying, “it would be more noteworthy if the board wasn’t discussing whether I’m the right guy for the job”. He then added, “if I ever thought I wasn’t the right person for the job, I’d be the first person to fire myself”.
The WSJ report notes that Groupon Inc (NASDAQ:GRPN) has irked investors with its haphazardness in revising earnings, which has also raised a cloud of doubt over analysts’ confidence on the sustainability of its previously surging revenue growth. The report noted, “meanwhile, the 32-year-old Mr.Mason, known for his quirky messages, faces growing pressure to reassure shareholders skeptical of the company’s growth potential”. Mason was quoted earlier this year saying, “Groupon needs to grow up“, writes Benzinga’s Brett Callwood in a post published in April. The Groupon co-founders also invested some $1.5 million in Benzinga last year through Lightbank Investment Group.
The company most recent results showed a slowdown in revenue growth. Additionally, the company continues to face fierce competition from industry giants Amazon.com, Inc. (NASDAQ:AMZN), and eBay Inc (NASDAQ:EBAY), at the height of the holiday season when data from COMSCORE, Inc. (NASDAQ:SCOR) indicates some historical online sale, with Cyber Monday notching over $1.4 billion.
At the time of this writing, Groupon Inc (NASDAQ:GRPN) stock was trading at $4.14 per share, up $0.18, or 4.52% increase from yesterday’s close.
