Quoted: Groupon CEO leaves with a quip

“I’ve decided that I’d like to spend more time with my family. Just kidding — I was fired today. If you’re wondering why . . . you haven’t been paying attention.”

— Andrew Mason, founder and former CEO of Groupon, in a message to employees Thursday after he was ousted from the Chicago-based daily deals site. The move came as no surprise, as Groupon missed quarterly earnings expectations for a second quarter in a row Wednesday. The company reported bigger-than-expected losses and weaker revenue forecasts, leading many to again question Groupon’s business model. “As CEO, I am accountable,” Mason said. After its stock tumbled more than 24 percent Thursday, Groupon shares rose more than 2.6 percent in after-hours trading as the market opened this morning. “There was always a sense that Groupon had a lot of good ideas but no real focus,” Benchmark Capital analyst Daniel Kurnos told Reuters, adding that Groupon’s board had to make the change in leadership to “get the ship moving in the right direction.”

 

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