Spreets co-founders to exit company

Co-founders of Australian daily deals site Spreets are heading for the exits in what its parent company Yahoo7 is calling a "planned management transition" set to take place next month.

Co-founders of Australian daily deals site Spreets are heading for the exits in what its parent company Yahoo7 is calling a "planned management transition" set to take place next month.

Yahoo7 chief operating officer Stuart Sayers will head up the group-buying site, as Dean McEvoy and Justus Hammer exit the company next month.

Sayers thanked McEvoy and Hammer for their work with the company, while acknowledging that the company is now facing a tough market.

"While the current market for group buying has been challenging, the Yahoo7 management team remains committed to the success of the Spreets business, and to building a strong and sustainable group-buying business," Sayers said.

Yahoo7 bought Spreets last year for $40 million.

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