Ted Leonsis is the new CEO of Groupon.

Once upon a time, the company was one of the most hotly-pursued companies in the private world.  Google offered $6 billion for the company, and they weren’t the only entity trying to scoop up Groupon.  There were no shortage of cushy golden parachutes for founder and CEO Andrew Mason.  However, since going public, a series of very public problems (like companies unable to meet demands for the deals they offer) helped to put a damper on the business, and accounting inconsistencies have put the company’s profitability into question.  Finally, the board had to act.  Andrew Mason is out as the CEO of Groupon; replacing him will be Ted Leonsis.

“After four and a half intense and wonderful years as CEO of Groupon, I’ve decided that I’d like to spend more time with my family.  Just kidding – I was fired today,” wrote Mason in a publicly-posted letter.  “If you’re wondering why… you haven’t been paying attention.  From controversial metrics in our S1 to our material weakness to two quarters of missing our own expectations and a stock price that’s hovering around one quarter of our listing price, the events of the last year and a half speak for themselves.  As CEO, I am accountable.”

Well, it’s a shame to see him go, because he was a character.  When it comes to what you think a CEO should be, he was the total opposite.  I guess that kind of fun only works when you’re a start-up, and when you’re a professional doing real business, you are expected to behave a certain way or find your own way to the door.  True to himself, Mason remains weird all the way to the door.

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