Groupon (Nasdaq: GRPN) CEO Andrew Mason has been ousted from the company he founded in 2008. The Chicago, Ill.-based company fired the 32-year-old on the heels of earnings results that were below expectations.
Mason detailed his departure in a memo issued to Groupon employees and released to the public.
"I've decided that I'd like to spend more time with my family. Just kidding -- I was fired today," Mason wrote in a memo he posted to Jottit.com
As is standard practice for any terminated employee of a publicly traded company the likes of Groupon, Mason will receive a severance package derived from his annual salary. That package will reportedly amount to a modest $378.36.
While Mason's annual salary was only $756.72, he is probably not that worried considering he holds nearly 47 million shares of Groupon, worth about $213 million, according to Thursday's closing price.
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Mason cashed out Groupon shares twice before the company's IPO, netting around $28 million, but hasn't sold any of his stake since the company went public in November 2011.
Despite his more-than-sufficient bank account, Mason's net worth followed Groupon’s recent plunge, which saw shares hit a 52-week low of $2.60 in November. His net worth plunged since then from $1.3 billion to around $200 million today. While they've since battled back, at under $5, they're still seriously below the $20 at which they debuted.
Check below for a list of items Andrew Mason can purchase on Groupon with his severance package.
- One or two private, 60-minute lessons from PGA professional Jonathan Margolies, from $59
- 16-hour bartending certification PE and a two-hour flair course ($345 value), $99
- Complete Ppofessional income-tax preparation (up to $500 value), $59
- Cuisinart Single-Serve Coffee Maker (factory refurbished, $365 list price), $98.99
- Acer Aspire One 11.6-Inch Laptop (manufacturer refurbished, up to $279.99 list price), $249.99