The CEO of one of the top daily deals companies in the world has announced that he will be stepping down, effective as soon as a suitable replacement is found.
Tim O’Shaughnessy said that he has given his all to the company and is "100% convinced" of its future success in a post made Friday morning.
"Like you, I have given my all to the mission of this company. And I remain 100% convinced the ingredients for success are here. Additionally, I’ve given much thought to the many opportunities that stand in front of us and the benefits that could come from a new perspective and a new voice and approach at the top to lead us there. My responsibility is to recognize that now is the best time to transition leadership – when that full set of ingredients is available to be used most effectively to shape the company’s future," he said.
O’Shaughnessy says that the company hopes to find a new CEO in the first half of this year, and he will stay on until that happens.
LivingSocial was founded by O’Shaughnessy, along with Aaron Batalion, Eddie Frederick, and Val Aleksenko back in 2007.
"So why now? The beginning of a new year is a useful time for reflection on where we’ve come from, where we are now, and where we need to go as an organization. When Aaron, Eddie, Val and I started this business over an antique shop nearly 7 years ago, I never imagined that the company would become what is today. When we began, we had little more than big ideas, big dreams, and the desire to build and create a hungry machine. The road we’ve traveled has not been straight and it has not been without bumps, but it has been, undoubtedly, extraordinary," said O’Shaughnessy.
The past year hasn't been the smoothest of years for LivingSocial. Not only was the company hit with a large hack that exposed more than 50 million user emails and passwords, but it also posted a significant third-quarter loss in October. In order to boost their offerings and better compete in the daily deals sector, LivingSocial recently launched new coupons, extended-length deals, and more. In his resignation post, O’Shaughnessy did say that LivingSocial had a "better than expected" holiday season.
LivingSocial isn't the only daily deals company with a recent CEO shakeup. Back in August, rival Groupon finally named a new permanent CEO following Andrew Mason's departure - co-founder Eric Lefkofsky.
Image via LivingSocial