- Tumblr founder David Karp is resigning less than a year after Verizon acquired the Yahoo-owned subsidiary.
- Karp said he was leaving after “months of reflection on my personal ambitions.” He is also set to receive his fully vested compensation from Tumblr’s 2013 sale to Yahoo this year.
- Tumblr COO Jeff D’Onofrio will take over Karp’s responsibilities.
Tumblr founder David Karp is resigning from the company he created 10 years ago, he announced in a memo sent to employees on Monday.
Karp said he would step down at the end of the year after “months of reflection on my personal ambitions,” according to the memo, which Karp also published on his personal Tumblr blog.
Tumblr COO Jeff D’Onofrio will take over Karp’s responsibilities as the leader and public face of the Oath-owned subsidiary, according to an Oath spokesperson.
“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 to almost 380 million blogs and over 155 billion posts,” the spokesperson told Business Insider.
Tumblr helped kickstart the early days of web blogging and was acquired by Yahoo at the height of its popularity for $1 billion in 2013. Verizon acquired Yahoo for $4.5 billion earlier this year to create a new subsidiary named Oath that includes AOL.
Karp’s resignation comes as he is set to receive his final compensation from the Yahoo sale this year. He was given a total of roughly $81 million in cash and stock awards in 2013 to stay at Tumblr for at least four years. He also received an estimated $250 million in cash when Tumblr sold to Yahoo.