Groupon CEO 'fired' after losses, stock slump
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The Groupon smartphone app is displayed on a Motorola Droid Bionic cell phone in Denver on Nov 4, 2011. Groupon said on Thursday it was replacing chief executive Andrew Mason, who said he was "fired", following the struggling daily deals firm's share price plunge of 24 per cent after bad quarterly results. -- FILE PHOTO: REUTERS
NEW YORK (AFP) - Groupon said on Thursday it was replacing chief executive Andrew Mason, who said he was "fired", following the struggling daily deals firm's share price plunge of 24 per cent after bad quarterly results.
The company said executive chairman Eric Lefkofsky and vice chairman Ted Leonsis would take over the post of chief executive, effective immediately and that Groupon "will continue to invest in growth".
The board thanked Mr Mason, a founder of Groupon, and said it has begun a search for a new chief executive.
"Andrew helped invent the daily deals space, leading Groupon to become one of the fastest growing companies in history," said Mr Lefkofsky.
