Groupon shares jump 12% after CEO Mason’s firing
March 1, 2013 11:40AM
Groupon CEO Andrew Mason speaks at an event last May. | Tom Cruze~Sun-Times
Updated: March 1, 2013 3:10PM
Shares of Chicago-based Groupon closed up more than 12 percent in trading Friday, a day after CEO Andrew Mason was fired.
The stock gained 57 cents to close at $5.10.
The departure follows another disappointing quarter with new concerns that customers have tired of the restaurant, spa and Botox deals that Groupon built its business on.
Mason said in a candid memo to workers that he “failed at this part of the journey” and said the company’s employees “deserve the outside world to give you a second chance. I’m getting in the way of that. A fresh CEO earns you that chance.”
Groupon Inc. appointed Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis to the Office of the Chief Executive while a replacement for Mason is found.