14 DAY TRIAL // People have been predicting it and asking for it for years now, but it's only now that Andrew Mason is out as CEO of Groupon, the company he cofounded. Mason was well liked within the company and outside of it, but not by its shareholders.
The last disastrous quarter, which saw Groupon post bigger losses than expected, was the last straw, apparently, and the company couldn't justify keeping Mason on as CEO anymore.
The board of directors has been looking to replace Mason for a while and he himself talked openly about the possibility of him leaving the company.
Mason won't be taking any other role at Groupon, the company will be headed by cofounder Eric Lefkofsky and Ted Leonsis, a Groupon board member and venture capitalist, until a replacement CEO is found. Mason was candid about the move and placed the blame solely on himself.
"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," he said in an internal memo.
"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," he added.
The company's stock has dropped significantly since the IPO and plummeted some more after the below-expectations results for the fourth quarter of 2012, revealed a few days ago.
Groupon stock saw a big spike after the news of Mason's departure was announced, though it's safe to say it's all very volatile at the moment.