Andrew Mason Co-founder and CEO is out as Groupon’s CEO. Groupons board asked for him to resign, a day after after missing last quarter estimate earnings. The stock went down 27% after hour trading.
Wednesday the revenues for the 1st quarter would be between $560 million and $610 million, which was short $650 million. The company lost 0.12 per share more than the expected net loss of 0.02 per share.
Groupons turned down Google’s $6 Billion buyout offer in 2010. The company value is now $3 Billion. The company has been on a downward slop ever since it went public.
CEO in interim will be Eric Lefkofsky, Groupon’s Chairman and Co-founder and Boards Vice Chairman Ted Leonsis.
Andrew Mason posted the following on his blog Click Here