Founder and CEO of LivingSocial Tim O’Shaughnessy has officially been replaced by eBay general manager Gautam Thaker. Thaker also has taken over O’Shaughnessy’s director seat on the company’s board.
More than just working with online retail giant eBay, Thaker has also been served as the CEO of Shopping.com under eBay.
“We knew we wanted a new CEO with the ability to drive the business forward with energy, vision and deep e-commerce knowledge. The Board and I met with a number of exceptional candidates, and we all believe that Gautam is the perfect fit for the future of LivingSocial,” O’Shaughnessy said in a press release.
LivingSocial turned a profit of $177 million in the first quarter of 2014, a large improvement over 2013 when it lost $45 million during the first quarter, reports Mashable. Those losses were mainly sustained in an attempt to branch out of the coupons and online deals niche where the company got its start.
“LivingSocial is well-positioned to play a growing role in demand generation for both local and national merchants,” Gautam Thakar noted in a press release. “This is a huge opportunity that will be realized by delighting consumers with personalized services and experiences at great prices. I am excited to join LivingSocial at this important chapter in its journey and help build on all the accomplishments that Tim and the team have achieved so far.”
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