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Groupon CEO Andrew Mason Is Out; Does Stock Have a Chance?

Groupon CEO Andrew Mason was ousted by the company after a horrible earnings report and steep drive in stock price.

The Groupon stock price tumbled 26% in after-hours trading Wednesday following the release of a dismal fourth-quarter earnings report, and then plunged another 24% today (Thursday).

It was announced Thursday after market close that Eric Lefkofsky and Vice Chairman Ted Leonsis have been appointed to the newly created Office of the Chief Executive, effective immediately, replacing Andrew Mason. Lefkofsky and Leonsis will serve in this role on an interim basis.

"On behalf of the entire Groupon Board, I want to thank Andrew for his leadership, his creativity and his deep loyalty to Groupon. As a founder, Andrew helped invent the daily deals space, leading Groupon to become one of the fastest growing companies in history," said Lefkofsky.

The Board will start a search for a new Chief Executive.

The mounting misery at Groupon had left many questioning Mason's fate before the announcement. 

Last year, the company's board mulled replacing him. The latest results and lackluster outlook sealed the deal for Mason at the Chicago-based company.

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Groupon CEO Andrew Mason May Need a New Daily Deal for Himself

Groupon CEO Andrew Mason may soon be hunting for a new deal of his own.

The Groupon Inc. (Nasdaq: GRPN) leader and founder just might find himself looking for a new gig as reports have surfaced that the company's board could ask him to step down. The board is set to meet today (Thursday) to discuss the company and Mason.

Mason admits there have been "bumps in the road." Yet with GRPN shares down some 80% from its November 2011 initial public offering price of $20, it's more fitting to call Groupon's recent performance a train wreck.

Speaking this week at the Business Insider Ignition 2012 conference in New York, Mason said, "If I ever thought I wasn't the right guy for the job, I'd be the first person to fire myself."

Mason also confessed to Business Insider's Henry Blodget, "It would be weird if the board wasn't discussing if I was the right guy for the job."

But, the fraught CEO added "that he was confident that wasn't going to happen."

Yet, market participants appeared more confident that it just might happen, and sent shares up 12% Wednesday after the buzz surfaced.

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