CEO Andrew Mason may be "out," but Groupon's (NASDAQ:GRPN) stock is back up -- as high as 10%, to be exact, in after-market trading.
After the closing bell, Groupon announced that it has replaced founder and, now, former CEO Andrew Mason. In his place, the Board has elected Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis to run the newly created Office of the Chief Executive. In essence, they'll be serving as temporary co-CEOs, while the Board searches for a full-time replacement.
The news comes a day after the company missed fourth-quarter estimates. Instead of raking in $0.03 per share, the company lost $0.01 per share -- sending the company's stock down more than 20%. It seems that Andrew Mason has been on shaky ground for some time. Reports from tech blog All Things D show that CEO discussions had emerged as early as last November.
In Groupon's press release, Lefkofsky said:
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.
The company's guidance for first quarter and full year 2013 outlined in yesterday's earnings announcement remains unchanged.