LivingSocial loses founding president

Stepping down

LivingSocial’s president and co-founder, Eddie Frederick, is stepping down from both his leadership position and his place on the company’s board. LivingSocial has declined to give a reason for the departure, although sources say the decision is amicable. In an email to staff, Frederick mentions his “wanderlust”, while emphasising that “the opportunities in local e-commerce are enormous and I’m more confident than ever that LivingSocial has just the right team to capitalise on them“. It isn’t clear if Frederick will sell his shares. Some speculate his departure may be linked to a rumoured IPO for the rapidly-growing daily deals company.

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