TECH CRUNCH - Mar 30 - LivingSocial Co-founder Eddie Frederick is stepping down from both his leadership position today, and from his role as a member of the company’s board of directors. We have heard from sources close to the company that this was an “amiable departure. ”Frederick co-founded LivingSocial in 2007 with CEO Tim O’Shaughnessy, CIO Val Aleksenko, and CTO Aaron Batalion. It is not clear as of now what Frederick will be doing next, or whether or not he will be selling his stake in the company or whether or not this has anything to do with with LivingSocial’s reported IPO. LivingSocial raised a sizable $176M series F round in December, bringing its current total investment to $808M. An updated filing with the SEC from Amazon, which owns a 31% stake in LivingSocial, revealed that the company sustained $558M in losses in 2011, emanating largely from acquisitions, stock compensations, and marketing costs.
by Rip Empson
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