Groupon shares plummeted 25% this week when the company reported worse-than-expected quarterly earnings.
Today the stock has rallied 8%. Why the sudden turnaround? Andrew Mason, the company’s founder, is no longer chief executive officer.
“Groupon … today announced a leadership change in which Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis have been appointed to the newly created Office of the Chief Executive, effective immediately, replacing Andrew Mason,” reads a press release.
“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,” stated Lefkofsky.
“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,” stated Leonsis.
In a goodbye letter to Groupon employees that Mason posted publicly “since it will leak anyway,” the former CEO quips that “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.”