Groupon begins search for new CEO

Groupon begins search for new CEO

The founder and chief executive of Groupon, Andrew Mason, has been asked to leave the company after it reported another quarterly loss, leading to a slide in its share price.

In a note to employees, Mason said: “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.”

The company has revealed that Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis has been appointed to the newly created Office of the Chief Executive, effective immediately.

Lefkofsky and Leonsis will serve in this role on an interim basis. The Board has commenced a search for a new Chief Executive.

“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,” said Lefkofsky.

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“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 company’s guidance for first quarter and full year 2013 outlined in it’s earnings announcement remains unchanged.

Groupon’s board said that executive chairman Eric Lefkofsky and vice chairman Ted Leonsis would step in as temporary joint chief executives until a replacement for Mr Mason could be found.