Groupon CEO: The Company Needs to Grow Up
At a town hall meeting held Wednesday, Groupon Inc. Chief Executive Andrew Mason told the company’s employees that the company needs to avoid taking “stupid risks” and grow up. These bold remarks came shortly after his apology for drinking too much beer.
Mason, 31, took a sip from his beer bottle as he set corporate policies for the next six months. The policies to be implemented included improving financial controls and hiring more finance staff. Mason also discussed the fact that the company has no margin for error, reported Wall Street Journal.
Groupon plans to announce several additional senior-management hires over the coming weeks as part of the revisions that will be put in place. The company also plans to bring on at least two new board members, according to a person familiar with the matter reported Wall Street Journal.
“We’re still this toddler in a grown man’s body in many ways,” Mason said during the closed-door employee meeting, which The Wall Street Journal observed via webcast. At one point during the address he said, “Sorry, too much beer.”
The meeting was apparently part of a series of informal weekly town halls, where employees were able to ask questions about executives.
Groupon went public in November.