Tim O'Shaughnessy is stepping down as CEO of daily-deals site LivingSocial in the first half of 2014.
"I have loved working at [LivingSocial] each and every day, and that’s in large part a testament to the passion, creativity and drive in all of you, and I will stay with you until we have a new leader in place," O'Shaughnessy wrote in a blog post.
In it, he notes LivingSocial's humble beginnings when he created the company with Aaron Batalion, Eddie Frederick, and Val Aleksenko in 2007. "When we began, we had little more than big ideas, big dreams, and the desire to build and create a hungry machine," he says. "The road we’ve traveled has not been straight and it has not been without bumps, but it has been, undoubtedly, extraordinary."
Bumpy might be an understatement--LivingSocial has had a troubled few years. Back in November, the company's website was down for two straight days. "Suffice to say, we are ashamed and embarrassed," LivingSocial said in the midst of this crisis. In March, it was ordered to pay $4.1 million to settle a class-action lawsuit over expiring deals. In the third quarter, the deals site reported a $26 million loss, sinking its evaluation to $48.4 million from $1 billion in June 2012--this after losing $650 million in 2012.
[Image: Flickr user I See Modern Britain]