CEO David Karp bids goodbye to Tumblr

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

“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 the staff.

Tumblr is part of Verizon’s Oath business, which houses Yahoo and AOL internet properties.

Yahoo bought Tumblr for $1.1 billion in 2013.

Tumblr’s Chief Operating Officer Jeff D‘Onofrio will continue to lead Tumblr after Karp steps down by the end of the year, an Oath spokeswoman said via email.

Founded in 2007, Tumblr grew rapidly to become a hub for young people to post pictures and text.

The platform has almost 380 million blogs.