LivingSocial CEO exits

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SAN FRANCISCO — LivingSocial Inc., a daily deal coupon site that's partially owned by Amazon.com Inc., said co-founder and Chief Executive Officer Tim O'Shaughnessy is stepping down amid stagnant sales.

LivingSocial started the search for a replacement Friday and aims to name a new CEO in the first half of 2014, O'Shaughnessy said in a blog post on the Washington-based company's website.

Deal sites LivingSocial and larger rival Groupon Inc., which surged in popularity in 2010 and 2011, have struggled since as nail salons, gyms and restaurants turned away from offering such steep discounts.