CEO Andrew Mason is out at Groupon

After a disastrous earnings call on Wednesday for its fourth quarter numbers that sent the stock plunging, Groupon announced Thursday that its CEO Andrew Mason will be departing as CEO. The company is searching for a new executive, it reported.

The company wrote in a press release about the changes taking place:

“Groupon, the global leader in local commerce, today announced a leadership change in which Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis have been appointed to the newly created Office of the Chief Executive, effective immediately, replacing Andrew Mason. Lefkofsky and Leonsis will serve in this role on an interim basis. The Board has commenced a search for a new Chief Executive.”

Mason wrote in a blog post why he will be exiting the company:

“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.”

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