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Eric Lefkofsky Named New Groupon CEO

By Chuck Sudo in News on Aug 7, 2013 9:45PM

Photo credit: Kevork Djansezian/Getty Images
Groupon named co-founder Eric Lefkofsky as the new chief executive officer for the new online daily deal website Thursday. Lefkofsky and Groupon board member Ted Leonsis were named interim co-CEOs in February after founder Andrew Mason was fired amid tanking stock and criticism of his irreverent attitude helming the company. Mason has since moved to San Francisco to pursue his next venture and possibly walk the earth like Caine in Kung Fu while recording an album of motivational music for business owners. Leonsis was also named chairman of Groupon’s board Thursday.

News of Lefkofsky’s promotion led to shares in Groupon stock rising by as much as 19 percent in extended trading and comes as Groupon’s earnings exceeded expectations in the second quarter of 2013. The company had gross billings of $1.41 billion, $608 million in revenue and a 30 percent billings growth, leading Lefkofsky to call it Groupon’s strongest quarter in North America as a publicly traded company. "With two quarters on the job, I'm pleased with the progress we've made in such a short time,” Lefkofsky said. “We continue to gain traction in mobile, with nearly 50 percent of our North American transactions coming from mobile in June. To date, more than 50 million people have downloaded Groupon apps worldwide."

Leonsis said, "The Board is encouraged by Groupon's performance under Eric's leadership, and we're pleased that he has agreed to lead the company through this important stage of its evolution.” The price of Groupon stock in extended trading rose to $10.34.