Groupon fires its CEO
Andrew Mason is out after a terrible quarterly earnings report that showed losses were growing. The daily-deals company is now seeking a replacement.
The move is hardly a surprise. My colleague Jonathan Berr reported earlier Thursday that the board was considering dropping Mason, one of Groupon's founders. The stock fell 24% Thursday to close at $4.53.
Groupon is now looking for a new CEO. Until one is found, co-founder Eric Lefkofsky and vice chairman Ted Leonisis will act as co-CEOs, the company said in a statement.
Mason did not have any comment published in the news release announcing the change. But Lefkofsky thanked Mason on behalf of the board for his leadership, creativity and loyalty. "Andrew helped invent the daily deals space, leading Groupon to become one of the fastest growing companies in history," Lefkofsky said in the statement.
Groupon on Wednesday reported an $81 million loss in its latest quarter, far more than what Wall Street analysts were expecting. Revenue rose 29.7% to $638.3 million, just shy of the $640 million Wall Street wanted to see.
The AllThingsD site published an internal memo from Mason announcing his ouster. Mason approached the news with his signature sense of humor:
"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," he wrote. "Just kidding -- I was fired today. If you’re wondering why. . . you haven’t been paying attention.
Mason added that he was OK with having failed in his role. "If Groupon was Battletoads, it would be like I made it all the way to the Terra Tubes without dying on my first ever play through," he said, referring to the old video-game franchise. "I am so lucky to have had the opportunity to take the company this far with all of you."
well good, just read where they where doing good and future looked good so I bought a load of shares only to watch it fall like a rock, I say let him live under the bridge
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
Local eateries pledge to feed the Cleveland man who helped rescue 3 kidnap victims. McDonald's, however, has remained mum.
- Shotgun wedding for Saks and Neiman Marcus?
- Yum aims to fatten up by doubling Taco Bell sales
- Mike Bloomberg's next career: Taxi magnate?
- Oklahoma senators change tune on disaster relief
- At software giant SAP, autism is an asset
- Target blames weather for soggy results
- Chick-fil-A thrown back into gay marriage debate
- Oklahoma tornado losses could top $2 billion
- Apple's stock is slipping, but its brand value isn't
[BRIEFING.COM] Since notching its intraday high around 12:00 ET, the S&P 500 has spent the past two hours slipping back to its lows. Similarly, the Dow and Nasdaq have taken a few steps back from their best levels of the day.
Although a handful of cyclical groups have been able to make a brief appearance in the black, the continued weakness in financials has prevented the broader market from catching up to the outperformers.
The Dow Jones Transportation Average is one of ... More
More Market News
The home improvement company believes the housing market is improving, but the Fed Chairman isn't so sure about the economy.