Groupon co-founder leaves the company for venture fund created by him

Groupon co-founder leaves the company for venture fund created by himCo-founder of Groupon and the Chairman of its Board Eric Lefkovski says that he plans to withdraw from the internet discount service management, transferring more powers to the acting CEO of Groupon Andrew Mason. Lefkovski plans to focus on work in Lightbank venture capital fund that was established by him. Lefkovski coordinated many of the internal operations of Groupon and now these tasks are ensured to Mason.

Lefkovski writes in his blog that he was a co-founder and the first investor of Groupon and when the company was small, he and Mason performed many different tasks simultaneously. Now professional managers came to Groupon and their tasks include certain responsibilities and powers, so there is no need in a comprehensive and continuous supervision anymore.

On the other hand, there is another opinion about Lefkovski’s leaving. Some experts believe that his resignation is a kind of reverence towards the shareholders, who claimed that since Groupon’s IPO shares of the company fell by half and it happened because current management does not carry out its obligations concerning the growth of company’s performance. In general, investors consider Groupon’s IPO as one of the worst for the last 10 years.

Speaking about his new business, Lefkovski said that Lightbank will invest in startups at early stages of development. Moreover, Lightbank has invested in approximately 40 startups.