Groupon to Replace CEO Andrew Mason

Photo: Aaron Fulkerson via Wikimedia Commons

Andrew Mason will no longer be the chief executive of Groupon, the company announced today.

Stock in the daily deal business had fallen more than 20 percent after the company’s fourth quarter earnings failed to meet analysts’ expectations, according to the Wall Street Journal.

In a leaked memo published by Business Insider earlier today, Mason wrote, “After four and a half intense and wonderful years as CEO of Groupon, I’ve decided that I’d like to spend more time with my family. Just kidding – I was fired today. If you’re wondering why… you haven’t been paying attention. From controversial metrics in our S1 to our material weakness to two quarters of missing our own expectations and a stock price that’s hovering around one quarter of our listing price, the events of the last year and a half speak for themselves. As CEO, I am accountable.”

In November 2012, Groupon’s board of directors had voted to keep Mason in place despite the fact that shares were down 80 percent from the company’s public debut in 2011.

“It would be weird if the board was not discussing whether I was the right guy for the job,” Mason said at the time. “If I ever thought I wasn’t the right guy for the job, I would be the first one to fire myself.”

Apparently, his colleagues beat him to it. Executive chairman Eric Lefkofsky and vice chairman Ted Leonsis will share the role until the board of directors can find a replacement.

 

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