Struggling Groupon says it ousted CEO Andrew Mason
Struggling online deals pioneer Groupon says it ousted CEO Andrew Mason and will look for a new chief.
Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis were appointed to the Office of the Chief Executive while a replacement is found.
The announcement came Thursday after the market closed, the day after the Chicago-based company reported a bigger-than-expected loss and gave a weak revenue outlook for the current quarter.
The guidance fueled investor worry that people are tiring of the myriad of online restaurant, spa and Botox deals that Groupon Inc. built its business on, and that the company's efforts to broaden into an e-commerce powerhouse haven't been paying off.
Groupon's stock, which lost almost a quarter of its value Thursday, is up nearly 7 percent after-hours.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)