Tumblr founder David Karp to step down

Tumblr founder and CEO David Karp will step down after more than 10 years at the helm of the blogging service, he said on Monday.

"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 a letter to staff. http://bit.ly/2AC0SFM

Tumblr is part of Verizon's <VZ.N> Oath business, which houses Yahoo and AOL internet properties. Yahoo bought Tumblr for $1.1 billion in 2013.

Jeff D'Onofrio, Tumblr's chief operating officer, will continue to lead Tumblr after Karp steps down by the end of the year, an Oath spokeswoman said via email.

RELATED: Check out the most common CEO names:

11 PHOTOS
Most common male CEO names
See Gallery
Most common male CEO names
1. Peter
2. Bob
3. Jack
4. Bruce
5. Fred
6. Bill
7. Ron
8. Christian
9. Alexander
10. Don
HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Tumblr, founded in 2007, grew rapidly to become a hub for young people to post pictures and text. The platform has almost 380 million blogs.

(Reporting by Arjun Panchadar in Bengaluru; editing by Sai Sachin Ravikumar)

Read Full Story

Markets

NASDAQ 6,875.80 13.48 0.20%
S&P 500 2,662.85 -1.26 -0.05%
DJIA 24,585.43 80.63 0.33%
NIKKEI 225 22,694.45 -63.62 -0.28%
HANG SENG 29,166.38 -55.72 -0.19%
DAX 13,076.33 -49.31 -0.38%
USD (per EUR) 1.18 0.00 -0.16%
USD (per CHF) 0.99 0.00 0.29%
JPY (per USD) 112.71 -0.07 -0.06%
GBP (per USD) 1.34 0.00 0.04%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.