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LivingSocial Expands Executive Team; Secures Market Position Social Shopping Pioneer Appoints Former Wal-Mart Executive as Chief Financial Officer, Signaling Continued Global Expansion and Innovation

WASHINGTON, Jan. 6, 2011 /PRNewswire/ -- Leading social shopping site LivingSocial, today announced it has expanded its executive team with the appointment of John Bax to chief financial officer. As the company continues to innovate and expand its daily deals service internationally, and on the heels of a recent round of funding led by Amazon, Bax will be charged with managing all aspects of financial planning and operations management for LivingSocial business initiatives.

“We’re excited to bring John’s fantastic track record and diverse background in all things financial to the team, as well as a solid reputation among the financial community and a deep understanding of LivingSocial's business,” said Tim O’Shaughnessy, CEO and co-founder of LivingSocial. “We are confident he will contribute to our company’s continued growth and stability.”

Bax brings nearly two decades of financial planning and leadership to LivingSocial as CFO. Most recently he served as CFO of New York-based RecycleBank, the world’s largest green social platform, where he led the expansion of the company’s global footprint in the U.S. and UK. Prior to RecycleBank, Bax was CFO of Sentient, where he helped guide the company to record growth and to sustained profitability. Moving up the ranks to hold two senior leadership roles at Wal-Mart, Bax was previously Vice President of Planning and Analysis for Wal-Mart Stores, where he was responsible for financial and strategic planning and analysis for the world's largest company, and chief financial officer of Walmart.com, where he led all finance functions, merchandise planning, legal and real estate.

“I’m looking forward to utilizing my experience with a variety of retail and consumer brands to help LivingSocial members save money and introduce new customers to local merchants to drive sales,” said John Bax, CFO of LivingSocial. “I’m honored to join LivingSocial’s talented executive roster. The social shopping space is just starting to heat up, and I believe we’re in prime market position to deliver the best experiences to millions of our members and the best value to our merchants in 2011.”

For more information about LivingSocial please visit www.livingsocial.com  

About LivingSocial

LivingSocial adds surprise to every calendar with handpicked Daily Deals you can share with friends.  Members enjoy at least 50% off on the coolest, local experiences. Local business owners get an easy and cost effective marketing tool to attract new, loyal customers. In 2010 one of the fastest growing companies in the space expanded with LivingSocial Escapes offering a "vacation in a box" for easy weekend trips at great value.  Based in Washington, DC, the international brand and has saved its more than 12 million subscribers more than $171M in 131+ markets.

Sign up for daily deals in your market for free or find out more information about LivingSocial at www.livingsocial.com. Follow us on Twitter at twitter.com/livingsocial.

SOURCE LivingSocial



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