LivingSocial Names eBay Veteran Thakar as New CEO
By Tess Stynes
LivingSocial named eBay Inc. (EBAY) veteran Gautam Thakar as its new president and chief executive, succeeding co- founder Tim O'Shaughnessy at the helm of the struggling daily-deals website.
In January, Mr. O'Shaughnessy said he would step down once a replacement was found.
Mr. Thakar, currently general manager for eBay's advertising business, spent more than a decade in general management and leadership roles at eBay and was chief executive of Shopping.com, an eBay acquisition. Previously, he served as the head of international marketing for eBay and as country manager of eBay India.
Mr. Thakar is expected to transition into his new role in August. Mr. O'Shaughnessy will stay on as an adviser to assist with the transition.
Once on a fast track to an initial public offering, LivingSocial has been cutting costs to help counter tepid demand for daily deals. The company also has pared back ambitious projects such as producing live events and has closed office space in its home city of Washington and elsewhere.
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