Cudo founder steps down as CEO

Billy Tucker, founder of Australian daily deals site Cudo, is set to step down from the company he built, with a new CEO already waiting in the wings to take the reins as of next February.

Tucker said that the decision to leave the company in its second year of trading was his, adding that he is proud of his accomplishments with the company.

"This feels like the right time to leave Cudo. In a relatively short space of time, we have built an exceptional team who have turned Cudo into a household name," he said in a statement today.

Cudo's new CEO will be Mike Sneesby, a man who has held a position within ninemsn previously as the head of corporate strategy and business development. Most recently, Sneesby was the vice president of IPTV and Technology at Intigral.

Tucker praised his incoming replacement.

"Mike is perfect for the next phase of growth at Cudo; I'm delighted that he has agreed to come back to Australia for the role, and I know the business is in very safe hands," he said.

Sneesby will take up his post on 1 February 2012.