There's a new sheriff in town at Foursquare. Former CEO of the company, Dennis Crowley, is stepping down, Bloomberg reports. In his place, the company has appointed Jeff Glueck. The change in management will hopefully kick start the company's growth over the next few years, Foursquare hopes.
Glueck worked as the chief operating officer for 18 months before Crowley stepped down, according to Tech Crunch. Crowley will remain part of the company and become executive chairman.
In this latest round of funding, Foursquare raised $45 million and the company said it plans to use this in many innovative ways. It was also valued, as a company, at about $332 million, which is much lower than the $650 million it was valued at in 2013, according to Tech Times.
The company said the falling numbers will be used as ammunition to find out what users really want out of its app and how to change to fit these consumer needs.
"Today, our company is confident and unified around this mission to use our understanding of location intelligence to enrich consumer experiences and inform business solutions. We will continue to make the world easier to map and explore - and help pave the way for further innovation and discovery," said Foursquare's new CEO, Jeff Glueck.
