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Tim Sullivan is stepping down as CEO of geneology site Ancestry.com, which has been gearing up to go public. The company was most recently valued at $2.6 billion.

Sullivan will transition into a chairman role on October 1. He will be succeeded on an interim basis by CFO/COO Howard Hochhauser.

What happens to the IPO? It's delayed, not dead. The company already filed confidential paperwork with the SEC, but won't submit a publicly-available S-1 document until the new boss is in place.

A source close to the situation says Ancestry's senior management had been talking about post-IPO succession planning, given that Sullivan had been with the company for 12 years (he was previously CEO of Match.com). Sullivan is said to have felt that since Utah-based Ancestry wasn't under any financial pressure to go public, it would make more sense to accelerate the transition and give future shareholders a longer-term senior management team. There are no plans to raise interim financing.

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AOC and Ilhan Omar want to block Biden’s former chief of staff

Reps. Ilhan Omar and Alexandria Ocasio-Cortez. Photo: Brendan Smialowski/Getty Images

Reps. Alexandria Ocasio-Cortez and Ilhan Omar are boosting a petition against Joe Biden nominating his former chief of staff to a new role in his administration, calling Bruce Reed a "deficit hawk."

Why it matters: Progressives are mounting their pressure campaign after the president-elect did not include any of their favored candidates in his first slate of Cabinet nominees, and they are serious about installing some of their allies, blocking anyone who doesn't pass their smell test — and making noise if they are not heard.

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Biden introduces top national security team

President-elect Joe Biden's nominee for Secretary of State Antony Blinken spoke Tuesday at an event introducing the incoming administration's top national security officials, where he told the story of his stepfather being the only one of 900 children at his school in Poland to survive the Holocaust.

What they're saying: "At the end of the war, he made a break from a death march into the woods in Bavaria. From his hiding place, he heard a deep rumbling sound. It was a tank. But instead of the iron cross, he saw painted on its side a five pointed white star," Blinken said.