Foursquare’s CEO Dennis Crowley is stepping down and will be replaced by Jeff Glueck, who joined as COO in 2014, the company said on Thursday.<br />The shuffle makes Crowley the full-time executive chairman and is intended to boost the company’s advertising and enterprise businesses.<br />The New York-based company also announced it has raised $45 million in new Series E funding.<br />However, the company likely raised the round at about half of the $650 million at which it was valued in its previous round in 2013, according to The New York Times, citing people close to the matter.<br />The so-called “down round” suggests that the company is struggling to monetize the location-sharing app it launched about seven years ago.
