Tim O'Shaughnessy, the leader of LivingSocial, has announced that he will be leaving the company he co-founded back in 2007.
Less than a year since Andrew Mason’s highly publicized firing from Groupon, the daily deals business has lost another CEO.
On Friday, Tim O’Shaughnessy announced in an e-mail to staff that he will be stepping down as CEO of LivingSocial. Bill Flook of the Washington Business Journal broke the news and published the memo, in which O’Shaughnessy said that he will remain in the position until the Washington D.C.-based company finds a new CEO to fill his shoes. He stated that the goal is to find a replacement in the first half of this year.
O’Shaughnessy stressed that his departure is not an indication that the company is in trouble. "We now have the most stable and healthy business that we have ever had, and the luxury of having hundreds of millions of dollars in the bank to take us to the next level," he wrote.
O’Shaughnessy, a former Inc. 30 Under 30 honoree, wrote that he has "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." He did not say what his plans are after he leaves the company.
O’Shaughnessy founded LivingSocial in 2007 with Eddie Frederick, Aaron Batalion, and Valeriy Aleksenko. Both Frederick and Batalion already left the online discount company in 2012 and 2013, respectively. With O’Shaughnessy’s announcement, Aleksenko will be the sole founder still with the company.