Andrew Mason (Credit: Dan Farber/CNET)
The company announced the management change in a terse statement this afternoon. It said that Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis would participate in a newly created Office of the Chief Executive, effective immediately, serving in this role on an interim basis until the board finds a CEO replacement.
"On behalf of the entire Groupon Board, I want to thank Andrew for his leadership, his creativity and his deep loyalty to Groupon. As a founder, Andrew helped invent the daily deals space, leading Groupon to become one of the fastest growing companies in history," Lefkofsky said in the statement. It also quotes Leonsis saying that "
Groupon will continue to invest in growth, and we are confident that with our deep management team and market-leading position, the company is well positioned for the future," said Leonsis.
The news follows another disappointing quarter from Groupon. At one point in early 2011, the online group budget deals company was logging gross billings growth of 1,400 percent year over year (That's not a typo.) But as the company's growth rate slowed, its marketing and sales costs have been climbing. In its fourth quarter, the company lost $81.1 million, compared with a $65.4 million loss a year earlier. The news drove down the company's shares by about a fifth of its value. The stock closed Thursday at $4.53, compared with its 52-week low of $2.60.
After the company released its earnings on Wednesday, analysts again voiced a lack of confidence in the company's ability to execute -- adding further pressure on Groupon's board of directors to make a move. Over the last year, there has been no shortage of chatter about the board debating whether to replace Mason.
Andrew Mason out as Groupon CEO
This article
Andrew Mason out as Groupon CEO
can be opened in url
http://newscoracoid.blogspot.com/2013/02/andrew-mason-out-as-groupon-ceo.html
Andrew Mason out as Groupon CEO
