Groupon, the struggling online daily deals pioneer, announced Thursday that it has ousted CEO Andrew Mason.
Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis were appointed to the newly created ?Office of the Chief Executive? until a replacement is found.
The announcement was made after the market closed Thursday. Groupon shares shot up to $4.90 in after-hours trade, from a close of $4.53 on the Nasdaq.
"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," Lefkofsky said.
The announcement came one day after Groupon announced a disappointing fourth quarter. The fourth quarter net loss attributable to common stockholders was $81.1 million.
Rumors that Mason wasn't long for this post have been buzzing for some time as the company has struggled with growth and its stock has fallen below $5.
Arvind Bhatia, managing director at Sterne Agee, said after the dismal earnings that he still has a "buy" rating on Groupon stock.
"As far as I'm concerned, this company has a pretty good board and they will eventually find the right people if Andrew is not the right guy. It's not necessarily an important part of my thesis at this point," Bhatia said.
This story includes reporting from The Associated Press and Reuters.
Source: http://www.nbcnews.com/business/groupon-fires-founder-ceo-andrew-mason-1C8623938
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