Groupon fired Andrew Mason as chief executive officer on Thursday, ousting a co-founder who captured headlines with his quirky style but failed to reverse a crumbling share price or stop a gradual erosion of its main daily deals business.

The leader in internet daily deals launched a search for a new leader to turn the company around, the same day its stock slid 24 per cent after a dismal quarterly results report.

In an unusually candid post-firing letter, Mason – known for his atypical sense of humour – confessed he was getting in the way of the company he co-founded just a few years ago, and had failed in his role as leader.

“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. If you’re wondering why . . . you haven’t been paying attention,” Mr Mason wrote in a memo addressed to the People of Groupon and made available to Reuters.

The company said in a statement that Mr Mason was asked to step down. – (Reuters)