Following Groupon’s (NASDAQ:GRPN) disappointing report released yesterday, forecasting Q1 sales revenue in the region of $560 million to $610 million and way below analysts’ expectations of $647.7 million, the Chicago-based ‘deal of the day’ vendor has ousted Andrew Mason as chief executive officer. Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis will jointly manage the company while it seeks a successor for Mason, who together with Lefkofsky and Bradley Keywell co-founded the company in 2008.
**“If you’re wondering why, you haven’t been paying attention”**
As iNVEZZ has reported, Groupon released a report yesterday projecting sales revenues for the first quarter significantly below analysts’ consensus. (Groupon’s Share Price Tumbles As Sales Forecast Misses Estimates) As well, the company announced disappointing financial results for the last quarter of 2012, with net loss increasing to $81.1 million and sales revenues falling short of what analysts had predicted. With this kind of news, some analysts were already expecting that the end was nigh for Andrew Mason’s time at the daily coupon seller’s helm, especially given that the board had considered releasing him back in November last.
The development was confirmed by Mason himself, who wrote publicly, and in typical tongue-in-cheek style, “I was fired today. If you’re wondering why, you haven’t been paying attention.”
!m[CEO Goes After Disappointing Report](/uploads/story/1545/thumbs/pic1_inline.png)
Mason was of course referring to Groupon’s disappointing performance over the past year and a half. He instanced the company’s ‘material weakness’, its inability to meet its own expectations and its plunging share price. Taking responsibility for the poor results, he wrote, “As CEO, I am accountable.”
Groupon’s share price jumped 13 percent in late trading after Mason’s ouster was announced.
**Groupon’s share price as of 01.03.2013, 12.35 GMT, was $4.53.**