Groupon Fired Its Self-Destructing CEO, Finally

So it looks like those very bad earnings on Wednesday were the final straw for Groupon CEO and co-founder Andrew Mason, who said late Thursday that he had been fired by the tumbling deal site he saw rise, fall, and fall even harder. "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," he writes in a memo to Groupon's staff.  

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A company press release announcing the change was a little less direct: "Groupon the global leader in local commerce, today announced a leadership change in which Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis have been appointed to the newly created Office of the Chief Executive, effective immediately, replacing Andrew Mason."

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This has been a long time coming for Mason, who helped start Groupon in late 2008 but has often been at the center of criticism for the company's self-destruction — from the deal site's peak hype in 2010 into its unraveling as Groupon went public in the fall of 2011. When Mason flirted with the idea of firing himself a few months ago, investors got all giddy. So, it's no surprise now that he is out — or that Groupon stock is trading up almost 8 percent in after-hours trading.