independent

Thursday 24 April 2014

GroupOn boss on verge of quitting as shares tumble

THE head of online deals company GroupOn is on the verge of quitting as the firm grapples with a shrinking market and tumbling stock price.



The company will hold a board meeting today to discuss executive leadership and founder and CEO Andrew Mason has indicated he will step aside if he asked to.

GroupOn’s struggles are seen as symptomatic of a wider malaise gripping the technology sector. When the company went public last year its shares were trading at $20 but they have since plunged more than 80pc since then, and are now trading at a little more than $4.40.

The company has had to deal with numerous accounting issues since going public, while it has also been hit with a number of data protection issues. In Ireland, teh Data Protection Commissioner has contacted the company to stop daily deals being emailed to customers even after they had “unsubscribed” from the email list.

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