Foursquare said this week that David Shim is stepping down as CEO effective January 1st.
Shim will be replaced by Gary Little, general manager and technology director of global merchant bank The Raine Group and a board member of Foursquare. In a Medium post explaining his decision, Shim said he was leaving to get back to his “entrepreneurial roots”.
Prior to joining Foursquare as President in June 2019, Shim was CEO of Placed, a location data provider he founded in 2011. The company, which served as the main competitor for Foursquare's Attribution product, enables brands to track pedestrian traffic generated by a digital campaign or ad.
Snap acquired Placed in 2017 and changed hands again in 2019 when Foursquare bought the company. Shim said in his Medium post that he is rounding off a decade in the location services industry looking for new business opportunities.
"Foursquare has not only survived but thrived, even amid the major economic impact, moving closer to its profitable quarters," Shim said in a statement. “There's never a perfect time to step down as CEO, but given the momentum we've seen with some of the best team in the industry over the past year, I felt the time was right for me to step down. Take a short break and pursue new business opportunities. "
Little will lead Foursquare in 2021 after joining the company's board of directors in June 2019. In his role at The Raine Group, Little was instrumental in Foursquare's acquisition of Placed and was the main investor in Foursquare's $ 150 million fundraising round last year. He was also instrumental in the merger of Foursquare with Factual, another location data company that was announced in April.
Little noted that "the potential of location technology and data is enormous," and said in a statement that he views Foursquare as "the single location currency for a company's technology or data stack."
Prior to joining The Raine Group, Little was involved in founding London-based private equity firm Buckthorn Partners LLP, specializing in growth capital investments and acquisitions in the oilfield services sector. Before that, he advised financial sponsors at Credit Suisse, Lazard and UBS in various M&A, capital market and strategic advisory tasks for several years. Little worked as an Internet operator for the first six years of his career, most recently as a senior member of the Media Group at Yahoo.