Foursquare CEO Dennis Crowley stepping down; to be replaced by Jeff Glueck

Foursquare CEO Dennis Crowley stepping down; to be replaced by Jeff Glueck

In an announcement made on Thursday, New York-based location data company Foursquare said that its CEO Dennis Crowley is stepping down, as a result of management shuffle aimed at giving a boost to the company's location data-based advertising and enterprise businesses.

Due to the shuffle announced by Foursquare, Crowley will now be the full-time executive chairman of the company. Replacing Crowley as the CEO will be Jeff Glueck, who joined Foursquare in 2014, as the company's COO.

About his decision to step down as the Foursquare CEO, Crowley said in a Medium post: "With our business maturing and with our enterprise solutions (Places API, Place Insights) and as programmatic advertising platform (Pinpoint) fueling our revenue growth, I felt like now is the right time to put our strongest executives in the company's top leadership positions."

The leadership change at Foursquare comes amid a recent slash in the company's valuation. Foursquare revealed on Thursday that it has completed a new Series E funding round, in which it raised $45 million.

With regard to Foursquare's latest funding round, The New York Times -- citing unidentified sources familiar with the matter -- said that the new funding pegs the valuation of the company at roughly half of the nearly $650 million, at which it was valued in its previous funding round in 2013.

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