Canaccord Genuity Morning Coffee on Groupon (GRPN): The Mastermind Effect?
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Price: $7.13 -1.79%
Rating Summary:
4 Buy, 18 Hold, 7 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
4 Buy, 18 Hold, 7 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
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Canaccord Genuity Morning Coffee on Groupon (Nasdaq: GRPN): The mastermind effect?
Shares of Groupon are getting rocked as investors balked at news that the company’s ‘mastermind’ was taking a step back. Groupon chairman and cofounder Eric Lefkofsky, often described as the company's ‘mastermind’, posted a long blog announcing that he is taking a reduced role with the company. While he will remain chairman, he plans to focus on his investment firm. As highlighted by a Business Insider report, Lefkofsky wrote: “My role has always been more complicated at Groupon, as I am a co-founder as well as its first investor. Andrew has been the founder and CEO since Day One, which has permitted me to act more like a super-active investor and director than a member of the management team. So unlike our other companies, there was no CEO to recruit, so I could eventually move on as Andrew was always in that role...When Groupon was a “young” company, Andrew and I wore a lot of different hats. Every time we hired someone new, we gave up a hat. Given the breadth of the team today, everyone’s hat is planted firmly on the right head, which has allowed me to focus on doing what I do best. I look forward to continuing to work with Andrew in my ongoing role as Chairman of the Board, but in the meantime, I've immersed myself in Lightbank and am focused on growing the company and working with Brad and the rest of the Lightbank team to try to define what it should be as it matures. For me, one of the best ways to do that is to start by defining what Lightbank shouldn’t be.” Like the coupons, shares of Groupon can now be picked up for a big discount! Shares are trading at about 53% of the $20 IPO price.
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Shares of Groupon are getting rocked as investors balked at news that the company’s ‘mastermind’ was taking a step back. Groupon chairman and cofounder Eric Lefkofsky, often described as the company's ‘mastermind’, posted a long blog announcing that he is taking a reduced role with the company. While he will remain chairman, he plans to focus on his investment firm. As highlighted by a Business Insider report, Lefkofsky wrote: “My role has always been more complicated at Groupon, as I am a co-founder as well as its first investor. Andrew has been the founder and CEO since Day One, which has permitted me to act more like a super-active investor and director than a member of the management team. So unlike our other companies, there was no CEO to recruit, so I could eventually move on as Andrew was always in that role...When Groupon was a “young” company, Andrew and I wore a lot of different hats. Every time we hired someone new, we gave up a hat. Given the breadth of the team today, everyone’s hat is planted firmly on the right head, which has allowed me to focus on doing what I do best. I look forward to continuing to work with Andrew in my ongoing role as Chairman of the Board, but in the meantime, I've immersed myself in Lightbank and am focused on growing the company and working with Brad and the rest of the Lightbank team to try to define what it should be as it matures. For me, one of the best ways to do that is to start by defining what Lightbank shouldn’t be.” Like the coupons, shares of Groupon can now be picked up for a big discount! Shares are trading at about 53% of the $20 IPO price.
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