Andrew Mason will remain CEO of Groupon, a company spokesman said on Thursday after the board of directors decided to retain the company co-founder as head of the struggling online marketer of daily deals. Shares slid Friday as investors seemed disappointed that the company did not bring on a more experienced executive to help turn the company around.
The spokesperson said, “The board and the management team are focused on the performance of the company and they are all working together with heads down to achieve Groupon's objectives.” Mason said earlier in the week that if he ever though he wasn’t right for the job, he would step down himself.
Investors have grown uneasy about Groupon as fever for daily deals has cooled among consumers and merchants. Europe has been a particular problem as its debt crisis has sapped demand for higher-priced deals and as merchants have balked at steep discounts Groupon had offered there.
Groupon (GRPN : NASDAQ : US$4.15), Net Change: -0.40, % Change: -8.70%, Volume: 54,584,989