Groupon CEO Danny Yeung steps down

uBuyiBuy founder and Groupon CEO Danny Yeung has stepped down as CEO after four years for a new role in the tech startup space.

Yeung started the daily deals site uBuyiBuy in March 2010 and soon after the company was acquired by Groupon.

In the past four years Yeung said Groupon Hong Kong and Taiwan had become the number one e-commerce company with 350 people in Hong Kong and Taiwan and over US$100 million in annual sales.

He is now set to take on multiple roles as angel investor with 500 Start-Up's Southeast Asian Fund as limited partner and mentor, as well as a general member for AngelVest Group in China and an advisor to leading dating app Paktor.

"Groupon still has a ton of potential," Yeung told Marketing.

"The market potential is much bigger than it is now. I want to create the next big thing and will start it all over again."

Yeung said Paktor, already operational in six countries in Asia, was on track to reach 1 million users by the second quarter of 2014.

"They have a great team and CEO Joseph Phua reminds me of myself in my younger days, super driven, motivated and has the approach of no option but to succeed."

"I'm excited to join their team as advisor on their next phase of growth as they expand regionally, look into monetization, fund-raising and M&A."

"My passion has always been on the process of 'creation' and that's where I'm heading to now. Look for me to do something really big by year's end."

Groupon said Dan Lynn, vice president of Groupon Asia Pacific, will oversee the company’s business in Hong Kong.