Groupon CEO fired amid disappointing financial performance
The company's Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis will take over Mason's post until a replacement is found.
In a letter to employees, Mason, also a co-founder of Groupon, said he was fired, with a playful and self-deprecating addition: "If you're wondering why, you haven't been paying attention."
"From controversial metrics in our initial public offering to two quarters of missing our own expectations and a stock price that's hovering around one quarter of our listing price, the events of the last year and a half speak for themselves," Mason said. "As CEO, I am accountable."
Earlier on Wednesday, the company posted a fourth-quarter net loss of 81.1 million U.S. dollars and suggested a possible cut on employees and overall expenses, Kazinform cites Xinhua.
Groupon turned down a buyout offer of nearly 6 billion dollars by Google in 2010 when the acquisition price was considered to undervalue the company.
However, it has lost about three quarters of its value since it went public in 2011. Mason was blamed for a series of missteps including controversy during its IPO and failing to find a quick enough solution for the financial problems.
Blending the words "group" and "coupon," Groupon, founded in 2008, was once a red-hot company that sparked a number of deal site copycats and competitors by marketing discounts on local services such as spas and restaurants to millions of online subscribers.
