Groupon CEO ousted amid lackluster earnings

Groupon looking to raise $750 million in its IPO

Groupon announced today that CEO Andrew Mason is leaving the company. Mason founded the daily deal service in 2008 and by 2011, it had grown to a $1.610 billion company. Mason stepped down as CEO after several quarters of disappointing financial earnings chipped away at the company’s stock.

In a moving letter, Mason admits his culpability in the decline at Groupon and says that he “failed at this part of the journey.” says he is leaving so Groupon can get a second chance.

Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis will serve as interim CEO. A search for a new CEO has been approved by the board.

[Via Groupon and Andrew Mason]

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