TUMBLR CEO DAVID KARP IS STEPPING DOWN

David Karp, founder of blogging platform Tumblr is stepping down as CEO at the end of the year after nearly eleven years of service. Tumblr President and COO Jeff D’Onofrio will handle responsibilities for running the Verizon-owned blogging site. In a farewell letter to he organization, Karp said the move comes “after months of reflection” on his personal ambitions.