John Bax will step down this month as chief financial officer of LivingSocial Inc., leaving a role he's held since 2010. Dan Federico, LivingSocial's treasurer and vice president of finance, has been tapped to replace the outgoing CFO.
Bax has commuted to D.C. for years from Oklahoma, and plans to move with his family to Scottsdale, Arizona, after he leaves LivingSocial. In an interview Monday afternoon, he said he will to take on a new venture in "in a consumer product field" unrelated to (and non-competitive with) the District-based daily deals company.
"I've loved my time here," Bax said. "It's sad to go. The proverbial 'spend more time with the family' is rarely true, but this time it actually is."
Bax's departure is expected to roughly coincide with that of his boss, CEO Tim O'Shaughnessy, who announced in January his plans to leave the company once a new chief executive is named.
Stay tuned for more from our talk with Bax.
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