Tim O'Shaughnessy, the CEO of daily deals site LivingSocial, is resigning.
O'Shaughnessy broke the news Friday morning on the company's blog, though the news first appeared in The Washington Business Journal.
In the post, O'Shaughnessy wrote that he will stay until a replacement is found, most likely in the first half of the year:
We now have the most stable and healthy business that we have ever had, and the luxury of having hundreds of millions of dollars in the bank to take us to the next level. 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.
Image: LivingSocial