David Karp the CEO and founder of Tumblr will resign from the company that he created a decade ago. He made the announcement to employees Monday via a memo.
Karp is leaving Tumblr at the end of 2017 after what he called in his memo months of reflections on his personal ambitions. He also published the memo on his own Tumblr blog.
Karp’s departure follows the June acquisition by Verizon of Yahoo, which acquired Tumblr in 2013. Tumblr was one of the pioneers in blogging sites.
COO at Tumbler Jeff D’Onofrio will take on the responsibilities of Karp as leader and the public face of the company that is now operating as a subsidiary of Oath, the Verizon internet business.
A representative for Oath said that Karp founded tumbler over 10 years ago creating a space for world’s creators and Verizon thanks him for the commitment he made and passion that helped drive the growth of Tumblr to close to 380 million blogs with over 155 billion posts.
Tumblr was key in kick starting blogging and was purchased by Yahoo during the a time when it was most popular for the price of $1 billion, but the influence it held has waned since, and in 2016 Yahoo wrote of goodwill in the hundreds of millions from that purchase.
Verizon bought Yahoo earlier in 2017 for a cost of $4.5 billion to create Oath that also includes AOL. Since that acquisition much of senior management with Yahoo has left, and that includes former CEO Marissa Mayer.
Karp will receive final compensation from selling Tumblr before the end of this year. He was given approximately $81 million in stock awards and cash in 2013 to remain with Tumblr for a minimum of four years. He received a cash payment of $250 million when Yahoo acquired Tumblr.
Oath would not comment on the timing of the announcement made by Karp to leave the company.
Karp gave no details about what he will do next, but stressed his decision to leave was not due to his thoughts about the future of Tumblr.
As social media’s role in spreading propaganda and misinformation is under much scrutiny, Karp said that he believed Tumblr could take on a role in fixing some of those problems.
He stated that the internet was now at a crossroads where Tumbler could play an important role in shaping it.