Lefkofsky had been sharing the role on an interim basis with investor Ted Leonsis, who will assume the chairmanship role. The company originally had planned to hire an executive recruiting firm to find a new leader (i.e., someone who would move from Silicon Valley to Chicago), but that never materialized.
This move obviously has an enormous impact on Groupon, but it also means changes for Lightbank: The early-stage tech incubator and venture capital firm that Lefkofsky helped launch with his early Groupon riches.
My understanding is that Lefkofsky now effectively serves as a special limited partner with Lightbank, attending partner meetings but spending the vast majority of his time on Groupon matters. Fellow Lightbank and Groupon co-founder Brad Keywell -- who also serves on the Groupon board -- and partner Paul Lee will lead future investment activity.
Lightbank's website shows 49 current portfolio companies.
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Getting the Hyperpublic band back together, with $3 million in VC funding.
FORTUNE -- Jordan Cooper and Doug Petkanics have launched a new mobile Internet startup, one year after their last effort, Hyperpublic, was acquired by Groupon (GRPN). They also have raised their first round of venture capital.
Hyperpublic was a New York-based company that built databases of local information, and then made them available to developers free-of-charge. Included in those databases were MOREDan Primack - Jul 15, 2013 4:05 PM ET
'Andrew Mason' finally responds to our questions.
FORTUNE -- Back in December 2010, it was impossible to get away from reports that Google (GOOG) was in talks to acquire Groupon (GRPN) for $6 billion. But when the NY Times reached out to Groupon CEO Andrew Mason for comment, he said that he would agree to an interview "only if you want to talk about my other passion, building miniature dollhouses."
For some reason MOREDan Primack - Mar 5, 2013 11:42 AM ET
Groupon CEO saw it coming.
FORTUNE -- Andrew Mason was officially fired as CEO of Groupon (GRPN) last Thursday, but it didn't come as a surprise to the 31 year-old.
A source close to the situation says Mason "totally knew" that the board planned to replace him during its quarterly meeting, and that there had been a "continuing dialog" over his future role with the company.
Rumors that Mason would be axed began MOREDan Primack - Mar 4, 2013 12:33 PM ET
Has Groupon helped or 'done zilch' for Chicago tech?
FORTUNE -- Last week Erin Griffith wrote that a 2013 IPO for flash sales site Gilt Groupe would be huge for the New York City tech scene. Venture capitalist Greg Gretsch followed up by tweeting that the IPO itself must be long-term successful for it to matter in NYC, since Groupon's IPO (GRPN) "has done zilch for the Chicago tech scene."
First, let's all acknowledge MOREDan Primack - Jan 14, 2013 2:11 PM ET
A $20 million reservation?
FORTUNE -- Groupon (GRPN) yesterday acquired Savored, a digital provider of restaurant reservations and reviews, in a move that seemed designed to muscle in a bit on OpenTable's (OPEN) turf.
No financial terms were disclosed, but Fortune has learned that the purchase price was between $15 million and $20 million (including earn-outs). At least some of it was paid in cash.
Our source adds that the two companies actually MOREDan Primack - Sep 25, 2012 12:41 PM ET
Are VCs really backing away from Groupon?
FORTUNE -- Have you heard that early Groupon (GRPN) investors are bailing on the company? Well, some of them. Maybe less than half. But one of them is a big name, so it must mean the entire Internet sector is screwed.
Does this strike you as a bit confusing? Well then, it seems you aren't an editor at The Wall Street Journal, which put this muddle MOREDan Primack - Aug 20, 2012 5:13 PM ET
Groupon impresses in its first earnings report as a public company.
Groupon (GRPN) today reported better-than-expected revenue today, in its first quarterly report since going public last November.
The Chicago-based daily deals company reported $506.5 million in Q4 2011 revenue, compared to $172.2 million in the year-earlier period. Revenue also rose 18% quarter-over-quarter, with Q1 2012 revenue guidance of between $510 million and $550 million.
. Gross billings rose 201% year-to-year, to $1.25 MOREDan Primack - Feb 8, 2012 4:05 PM ET
Many of Groupon's private stock sales are in the red.
Groupon (GRPN) shares are still trading above last month's IPO price, but are well below where they were trading on private secondary markets over the summer.
Companies like Groupon are not required to publicly report their private share sale prices, and secondary exchange SecondMarket was prohibited from releasing Groupon data because it participated in the IPO underwriting syndicate (via a partnership with Morgan MOREDan Primack - Dec 19, 2011 3:53 PM ET
Did you hear? The tech bubble has burst. Seriously. Just before noon on Wednesday, when Groupon (GRPN) began trading below its $20 per share IPO price.
Don't take my word for it. Gawker says so. The New York Times does too, albeit in less hyperbolic terms.
It's the biggest tech catastrophe since Kozmo.com stopped delivering Krispy Kremes to shut-ins on the Upper East Side. If you're holding stock in an Internet company that MOREDan Primack - Nov 25, 2011 10:06 AM ET
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