Tumblr Founder and CEO, David Karp, told his staff he will be leaving the company at the end of this year, marking more than a decade since the social network’s launch. Karp will be replaced by the social media site’s president and COO, Jeff D’Onofrio.
The Tumblr founder decided to depart his business a few months after Verizon acquired Tumblr’s owner, Yahoo and merged it with AOL to form a new company called Oath. A spokesperson for Oath has confirmed that Karp will leave by the end of the year.
“David founded Tumblr ten 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” reads the emailed statement.
Karp himself has sent his staff an email to explain why he is leaving Tumblr. He urges his employees to understand his decision, as he refers to his own “personal ambitions” as the reason for the departure.
Oath has had a shaky start, as the newly formed company had to let go four percent of its staff (over 500 jobs). Oath declined to comment on the timing of Karp’s departure.
Then CEO of Yahoo Marissa Mayer struck gold when her company acquired Tumblr in 2013 for $1.1 billion in the hopes of more growth among younger audiences. While Yahoo bought the social media platform at the height of its popularity, Tumblr has since seen its user base drop. This later forced Yahoo to write off hundreds of millions of dollars as a blow for the company.
Verizon then acquired Yahoo for $4.5 billion to create Oath, and with it, much of Yahoo’s senior management, including Mayer, left.
Karp will receive his final compensation from the merger this year. He was also given $81 million in cash and stock awards in 2013 to manage the company for another 4 years.
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