Tumblr Founder David Karp Steps Down as CEO
Karp sold the blogging platform to Yahoo in 2013 for $1.1 billion.
Tumblr founder David Karp is stepping down from his role as CEO of the blogging platform.
The decision, announced Monday in an internal email to employees, comes five months after Tumblr parent company Yahoo completed its sale to Verizon.
"I beg you to understand that my decision comes after months of reflection on my personal ambitions, and at no cost to my hopefulness for Tumblr's future or the impact I know it can have," Karp said in the email, which he posted to his personal Tumblr page. "The internet is at a crossroads of which this team can play a fundamental role in shaping. You are in the driver seat, and I am so excited to see where you go."
COO Jeff D'Onofrio will assume leadership of Tumblr following Karp's departure at the end of 2017.
Karp launched Tumblr in 2007 and quickly grew it to more than 100,000 users. Six years later, he sold the company to Yahoo for $1.1 billion. Yahoo, in turn, sold it to Verizon and Tumblr was part of the group of assets that were joined with AOL to form the Verizon subsidiary Oath.
"David Karp will depart Oath by the end of the year," an Oath spokeswoman confirmed. "David founded Tumblr 10 years ago as a space for the world’s creators, and we thank him for his commitment and passion driving the growth of the platform to almost 380 million blogs and over 155 billion posts."