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Andrew Mason OUT as CEO of a Struggling Groupon

Photos: Groupon

Falling stock prices have hinted at this for some time, but today Groupon has announced that it is officially replacing Andrew Mason as CEO of the struggling daily deals site. The Wall Street Journal reports that the news comes after a "disastrous" fourth quarter report caused stock to fall more than 20 percent. Now that stock "is now up more than 10% on the news that Mason will be replaced."

So who will the company turn to in the meantime to post deals for Hurricane Sandy-shuttered restaurants and $25,000 Todd English deals? Well, co-founder Eric Lefkofsky and vice chairman Ted Leonsis will serve as interim co-CEOs while the search for a replacement gets underway. Meanwhile, Business Insider has the letter Mason wrote employees admitting, "I've decided that I'd like to spend more time with my family. Just kidding - I was fired today." He includes a word of caution, writing, "My biggest regrets are the moments that I let a lack of data override my intuition on what's best for our customers."

· Groupon Is Replacing CEO Andrew Mason [WSJ]
· Groupon CEO Andrew Mason's Honest, Charming Goodbye Memo [BI]
· All Groupon Coverage on Eater [-E-]