Groupon founder fired as sales and share price plummet
March 1 , 2013
The founder and chief executive of Groupon, Andrew Mason, was fired on Thursday.
The move, seen as widely expected by industry analysts, came after the online voucher firm posted another quarterly loss, resulting in its share prices diving some 24 percent.
Groupon's shares have lost 77 percent of their value since the firm was floated on the NASDAQ in November 2011.
The devaluation comes on the back of investors raising doubts over the sustainability of its business model offering bulk discount deals.
Mason, who set the firm up in 2008, told staff: "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."
Groupon's executive chairman Eric Lefkofsky and vice chairman Ted Leonsis are to act as temporary joint chief executives until a replacement is found.