LivingSocial CFO to Depart; New CEO Due Soon
With LivingSocial soon to announce a new CEO, CFO John Bax will be leaving later this month, the company confirmed today to Re/code.
Bax, who joined the deals company in 2010, will take a role at a company he declined to name. He has commuted from his family’s home in Oklahoma to jobs on the East Coast for much of the last decade and said he decided last year that he wanted to work closer to home.
“It’s a cliche to say you’re leaving to spend more time with family, but this time’s it’s actually true,” he said.
Bax said he first notified the board and CEO Tim O’Shaughnessy of his intentions late last year, but only formally announced the move to staff earlier today. He’ll be replaced by current LivingSocial employee Dan Federico.
Confirmation of Bax’s departure comes as the company closes in on announcing a replacement for O’Shaughnessy, who said in January that he would be stepping down as soon as a replacement was hired. A source told Re/code that a CEO announcement is coming soon. (If you know who the new CEO is, please send tips to firstname.lastname@example.org.)
LivingSocial, which is partially owned by Amazon, has struggled to replicate the growth it experienced early on when it was a darling of the tech investment community. In the last year, it has sold off two international businesses for almost $300 million combined, giving it a nice chunk of cash to try to fortify and ignite growth in its core North American business.
The company trimmed its operating expenses by $9 million in the first quarter, but revenue fell 28 percent year over year to $78 million. The sale of Korean business Ticket Monster to Groupon helped LivingSocial record a net profit of $177 million.