LivingSocial CEO stepping down, hints new leadership is needed

Summary:It is no secret that the once extremely popular daily deals company has fallen on hard times.

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LivingSocial CEO Tim O’Shaughnessy announced on Friday that he will be stepping down from his post, effective "later this year."

In contrast to the way Andrew Mason left ( rather, was forced out of ) the daily deal business he started, Groupon, O’Shaughnessy's break from LivingSocial appears much more amicable.

O’Shaughnessy will be staying on with the Amazon-backed company as LivingSocial begins to search for a new CEO. He added in his memo to company employees today that they hope to find a replacement within six months.

While he didn't offer much in the way of specifics or as to what he'll be doing next, O'Shaughnessy hinted that he realized there is a need for a leadership change at LivingSocial.

Here's more from O’Shaughnessy:

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.

It is no secret that the once extremely popular daily deals company has fallen on hard times as demonstrated by rounds of layoffs , a major security breach last spring , shuttering offices around the world, and constantly being a dent in Amazon's quarterly earnings reports -- all within the span of a couple years.

Most of the daily deal-focused startups that shot up to power back in 2010 and 2011 have since fallen by the wayside, leaving a few of the power players (particularly Groupon and LivingSocial) to restrategize before its too late.

Image via CNET

Topics: E-Commerce, Amazon, Apps, CXO, Tech Industry

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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