Tumblr founder and CEO David Karp resigns after Yahoo merges with Verizon to create Oath



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  David Karp David Karp. Rob Kim / Getty Images for Tumbl
  • Tumblr founder David Karp resigned less than a year after Verizon acquired the Yahoo-owned subsidiary.
  • Karp said he was leaving "after months of reflection on my personal ambitions". You are also ready to receive your fully awarded compensation from the sale of Tumblr in 2013 to Yahoo this year.
  • Tumblr operations manager Jeff D & # 39; Onofrio will badume Karp's responsibilities.

The founder and CEO of Tumblr, David Karp, will resign from the company he created 10 years ago, he announced in a memo sent to employees on Monday.

Karp will leave Tumblr at the end of the year "after months of reflection on my personal ambitions," he said in the memo, also published on his personal Tumblr blog.

His departure follows the acquisition in June of Yahoo's Verizon, which owns Tumblr, a pioneering blog website, since 2013.

Tumblr operations director Jeff D & # 39; Onofrio will badume Karp's responsibilities as a leader and public face of the company, which now operates as a subsidiary of Verizon's Oath internet business.

"David founded Tumblr 10 years ago as a space for the creators of the world, and we appreciate his commitment and pbadion to drive the growth of the platf" A representative of Oath told Business Insider.

Tumblr helped launch the blogs and was acquired by Yahoo at the height of its popularity for $ 1 billion, but its influence has declined over the years since then. And last year, Yahoo canceled hundreds of millions of dollars of goodwill from the purchase.

& # 39; Internet is at a crossroads & # 39;

Verizon acquired Yahoo for $ 4.5 billion earlier this year to create a subsidiary called Oath that includes AOL. Since the acquisition, much of Yahoo's top management has left, including CEO Marissa Mayer.

Karp is ready to receive his final compensation for that sale this year. He received approximately $ 81 million in cash and stock awards in 2013 to remain on Tumblr for at least four years. He also received an estimated $ 250 million in cash when Tumblr sold to Yahoo.

Oath declined to comment on the timing of Karp's departure.

Karp did not provide details about his next move in his note to employees, but stressed that his decision to leave came "at no cost to my hope" for the future of Tumblr.

At a time when the role of social networks in spreading disinformation and propaganda is under scrutiny, Karp hinted that he believed that Tumblr could play a role in solving some of the problems.

"The Internet is at a crossroads of which this team can play a fundamental role in the configuration," he said.

Here is the complete Karp memo:

 tumblr_p03ablsG3g1qz4rgqo1_1280 Tumblr

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