LivingSocial co-founder Tim Oscione plans to resign, the company is looking for new leadership

According to foreign media reports, group purchase website LivingSocial co-founder Tim Oscionesi (Tim O ' Shaughnessy) plans to resign as CEO of the company, said the company should seek new leadership

Oscionesi said he would remain in office for the first half of the year until a successor picks up the stove. The 7-year-old company is trying to reshape its early glory.

LivingSocial was seen as the perfect candidate for a listing before rival Groupon's bad listing and the decline of its Groupon site.

The electric giant, Amazon, holds a 31% per cent stake in LivingSocial, which livingsocial only 48.4 million dollars in last October's valuation, well below Amazon's nearly 1 billion dollar valuation in June 2012. Amazon's securities filing showed that LivingSocial lost 26 million dollars in the third quarter.

"The responsibility has made me realize that this is the best time to change the leadership, now that the conditions are complete and that the company can shape its future in the most effective way," Oscionesi said in a Friday blog. ”

In an effort to boost its business, LivingSocial has made several efforts, including following Groupon, to offer a long-term discount rather than a daily discount for email reminders. The company also tried to organize concerts, culinary training courses and other activities to create momentum.