With poor results, change in leadership does not end a massacre for Groupon’s ex-CEO Andrew Mason as it has been confirmed that Mason has left Groupon’s board and will receive severance “for termination without cause.” Mason will be paid half its year’s salary i.e. $378.36 million although in regulatory filings, Groupon says if he leaves the company, he will get six months’ salary.
As per Groupon’s 8-K filing:
On February 28, 2013, Andrew D. Mason was terminated as Chief Executive Officer of Groupon, Inc. (the “Company”), effective immediately. Also on February 28, 2013 and effective immediately, Mr. Mason resigned from the Board of Directors of the Company (the “Board”).
No new compensatory or severance arrangements were entered into in connection with these leadership changes. Mr. Mason is entitled to receive severance benefits for termination without cause as provided in his employment agreement.
(Image Credit / Source: Flickr / hulieoh)