Where does Groupon CEO move leave Lightbank?

Aug 08, 2013

Dan Primack was a senior editor at Fortune from 2010 to 2016. He was also the author of Term Sheet, Fortune's daily newsletter about deals and dealmakers.

FORTUNE -- Groupon (grpn) today named co-founder Eric Lefkofsky as fulltime CEO, nearly six months after firing motivational troubadour Andrew Mason.

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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