A little less than half a year ago, on February 28, Groupon founder Andrew Mason was fired as CEO of the company he built. His dismissal came as no surprise at that point, since he had had to report another weak quarter to disappointed investors the day before.
Mason’s exit and the appointment of co-founder Eric Lefkovsky as interims CEO was greeted favourably on Wall Street and Groupon’s troubled stock began climbing right after the news had broken.
Last Wednesday, after the stock had closed at $8.72, up 92 percent from its February low, the company announced that Lefkovsky has been named permanent CEO. That news, combined with positive second quarter results gave Groupon’s stock price another boost and it shot up more than 21 percent the next day.
On Friday, Groupon shares closed at $10.61, up 134 percent since Mason’s dismissal in February. The company still has a long way to go in reaching its IPO price of $20, but its new leadership appears to be on track to successfully transform Groupon from a daily deals platform to a more versatile online marketplace.
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