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Foursquare announced Thursday that CEO and co-founder Dennis Crowley is stepping down from his role as CEO, becoming the executive chairman.

The new CEO is Jeff Glueck, who has served as COO for the past year. Steven Rosenblatt will move into the role of President.

Crowley’s exit as CEO comes at the same time the company closed a new $45 million round of funding, albeit with a valuation of nearly half its last raise in 2013. According to Crunchbase, the company has raised over $160 million to date.

Foursquare, which debuted in 2009 as a mobile-first location-based social network, was once considered one of the hottest tech startups. In a world where “web 2.0” still meant something, Foursquare was frequently mentioned in the same sentence as Twitter and Facebook. Read more…

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