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.