Business, Economics and Jobs

Groupon fires founder Andrew Mason, shares rise


The Groupon logo is displayed in the lobby of the company's international headquarters on June 10, 2011, in Chicago, Illinois.


Scott Olson

Groupon, a website for online deals, announced Thursday it has fired founder and CEO Andrew Mason.

Shares in the stock rose 4 percent in after-hours trading after the announcement, which had been anticipated for months, according to CBS' Marketwatch.

The stock closed Thursday at $4.53. It had previously lost about 77 percent of its IPO value.

The announcement came a day after Groupon reported a weak outlook for the current quarter, the AP reported.

The New York Times said chairman and co-founder Eric Lefkofsky and vice chairman Ted Leonsis will replace him on an interim basis until a new replacement is found.

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Mason, who currently owns about 7 percent of the company's stock, still will remain a presence there, according to the Times.

Upon leaving, Mason sent a candid letter to employees: "After four and a half intense and wonderful years as C.E.O. of Groupon, I’ve decided that I’d like to spend more time with my family. Just kidding – I was fired today."