Groupon fires CEO Andrew Mason: Can a new leader turn the company around?

The former darling of Silicon Valley has floundered since going public

Andrew Mason
(Image credit: Johannes Simon/Getty)

I've decided that I'd like to spend more time with my family," Groupon CEO Andrew Mason told his employees on Thursday. "Just kidding — I was fired today." So begins a refreshingly honest resignation letter that caused a spike in Groupon's share price, which has stumbled badly since the online deal site went public in 2011. Mason's ouster was widely expected, given Groupon's rapid evolution from the next hot Internet company to a fraught symbol of how quickly fortunes can change in the tech industry. But can a new CEO turn things around?

First, a quick recap of Groupon's rise and fall: The site offers discount coupons on a variety of goods and services, taking a cut from each deal that's fulfilled. Companies were initially eager to offer discounts, with the hopes that they could tap into a new reservoir of customers. Groupon was one of the first companies of its kind when it landed on the scene in 2008, and soon swelled to a 10,000-employee operation with a presence in dozens of countries. At the height of its popularity in late 2011, the company was valued at some $13 billion on the stock market.

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Ryu Spaeth

Ryu Spaeth is deputy editor at TheWeek.com. Follow him on Twitter.