Market Overview

Andrew Mason Out at Groupon

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Andrew Mason Out at Groupon

Groupon (NASDAQ: GRPN) founder Andrew Mason was removed from his role as CEO Thursday. Shares closed down nearly 25%, but rallied almost 5% in the after-hours session.

In his place, the company named Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis in an interim role. The company said it has begun its search for a replacement CEO.

Since going public in late 2011, shares have experienced a dramatic drop -- falling from as high as $31 to as low as $2.60. Shares more than doubled in the last three months, before shedding about a quarter of the market cap following a disappointing earnings release Wednesday.

It's unknown who Groupon would pursue to replace Mason, but perhaps they would consider adding an e-commerce veteran from a company like Amazon (NASDAQ: AMZN) or Ebay (NASDAQ: EBAY).

 

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