Tim O’Shaughnessy, the CEO of LivingSocial is resigning this year. O’Shaughnessy reported the news about his departure on the LivingSocial company blog.
O’Shaughnessy is going to stay at the company until a replacement is brought in, which will happen most likely in the first half of the year. Here is a portion of the blog post that O’Shaughnessy wrote:
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. As the steward of this organization, one of the hardest decisions I need to make is about who is best suited to lead LS into its next stage of growth. This is a responsibility I have never taken lightly.
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.
[Source: LivingSocial Blog]