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LivingSocial CEO stepping down, hints new leadership is needed

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