Tumblr founder and CEO David Karp said Monday that he will resign at year-end after 11 years in charge.
Karp, who was just 20 when he founded Tumblr in 2007, turned the company into a successful social networking site where artists and bloggers share content.
Yahoo, which has since been rebranded as Oath after Verizon acquired it earlier this year, bought Tumblr for $1.1 billion in 2013. By 2016, Tumblr's market value plummeted to almost zero, as both Yahoo and Tumblr failed to grow as it competed against Facebook and Twitter.
Karp confirmed his resignation on his personal website, sharing a screenshot of his farewell email to Tumblr employees.
"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 wrote.
After Karp leaves, Tumblr Chief Operating Officer Jeff D'Onofrio will take over his responsibilities.
After Tumblr's sale to Yahoo in 2013, Karp received $250 million and was guaranteed $81 million more in cash and stock options if he stayed around for four more years. Karp did not disclose if the end of the four years played a role in his departure from Tumblr and the larger Verizon conglomerate.
(c)2017 The Mercury News (San Jose, Calif.)
Visit The Mercury News (San Jose, Calif.) at www.mercurynews.com
Distributed by Tribune Content Agency, LLC.