We’ve received word that Foursquare CEO David Shim will depart the company at the end of the year. In a Medium post to announce the departure, Shim cites personal and professional deviations from the multi-year commitment that would be required to maximize Foursquare’s value and market opportunity.
“With the results that Foursquare has delivered in the past year, opportunities arise for the company, many of which would have required a significant multi-year commitment on my side,” writes Shim. “As a founder, investor and colleague, this was a difficult decision I took with careful consideration. Ultimately, the timing was right to step down after a decade leading the greatest collection of companies in location and would allow me to return to my entrepreneurial roots.”
As for a succession plan, board member and Raine Group managing director Gary Little will take the CEO reins in January. Little was the lead representative from the Raine Group that shepherded the acquisition of Placed — Shim’s former company that he founded. Placed was acquired by Foursquare in May of last year.
Rap Sheet
Under Shim’s watch, Foursquare had an impressive run, effectively taking the baton from longtime CEO Jeff Glueck who helped engineer the company’s transition from consumer app(s) to B2B data powerhouse. Milestones under Shim’s tenure include the acquisition, of Factual and the highly coveted MRC accreditation.
Here’s a longer list, verbatim from Shim
–The acquisition of Placed, the company I founded and leader in offline attribution, with over $150MM+ in revenue generated since Placed’s inception in 2011
— Leading the merger with Factual, the leader in location-based audiences to deliver on the narrative of #1, #1, #1
— In 2019, exceeding $150MM+ in calendar year revenue and hitting our first profitable quarter in Q4 2019
— Delivering one of the most impressive business bounces in the pandemic and returning to and then exceeding pre-COVID revenue numbers in Q3 2020 across almost all business lines
— Anticipating full-year profitability since the merger with Factual
— A return to expansive growth in Q4 2020 with over 40+ openings across the entire organization
— Building a team of 300+ that consists of the best of three leaders in location across Foursquare, Placed and Factual, creating what is now the most dynamic force in location.
Six-Pack
Here I should state my bias in knowing Shim for years, conducting my first analyst briefing with him in 2012. At the time, Placed was building strategies around using location data for the purposes of advertising attribution… not just ad placement. This wasn’t a “thing” yet, though it’s since become a prevalent topic.
He then took Placed to a successful exit… twice. That includes acquisitions by Snap in mid-2017, then Foursquare in May 2019 where he rose to the CEO position in relatively short time. There are many other notable parts to that story arc that you can read more about on Shim’s Medium piece and on LinkedIn.
Panning back, Shim has always possessed the rare combination of innovator and operator. Rarely do you find that mix in one person, and strike gold with it… a few times. We wish Shim the best in the next endeavors and feel confident that he’ll create more compelling innovations in (or outside of) digital commerce.
You can read his full Medium piece, including plans to travel and develop six-pack abs, here. See our recent video interview with Shim on Localogy Leaders here.
