Groupon has dumped its chief executive and co-founder Andrew Mason.
In an unusually candid post-firing letter, Mason – known for this quirky sense of humour – confessed he was getting in the way of the company and had failed in his role as leader.
“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,” Mason wrote.
He was let go as Groupon’s shares lost 24 percent of their value in one day after the discount coupons website posted dismal quarterly results with demand for its daily deals evaporating.
Co-founder Eric Lefkofsky and board member Ted Leonsis will lead the company in the interim, until a permanent CEO is found.
The company plans to hire a recruiting firm for the CEO search, a spokesman said.
No Groupon board members will be considered as CEO candidates, according to a Reuters report quoting a person familiar with the board’s deliberations.
Newly hired chief operating officer Kal Raman — brought onboard to turn around the international operations — is a possible candidate. However, the company is likely to favour an outside candidate who has e-commerce and global experience, said the person, who is familiar with Groupon’s strategic thinking.
Groupon declined to comment on CEO candidates.