In a memo sent to employees on Monday, Tumblr founder and CEO David Karp said he is resigning from the company.
The decision was announced in an internal email to employees and comes five months after Tumblr’s 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."
Karp launched Tumblr in 2007 and in 2013 he sold the company to Yahoo for $1.1 billion in cash. Verizon acquired Yahoo for $4.5 billion earlier this year and created a new subsidiary named Oath that includes AOL, Tumblr and other acquisitions.
According to Business Insider, Karp's resignation comes as he is set to receive his final compensation from the Yahoo sale this year. He was given $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.
COO Jeff D’Onofrio will take over Karp's responsibilities as the leader and public face of the company.