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Tumblr CEO David Karp to exit

Scott Beale / Flickr cc

David Karp, who founded blogging site Tumblr more than a decade ago, plans to step down as CEO by year's end. Tumblr President and COO Jeff D'Onofrio will handle responsibilities for running the Verizon-owned blogging site

In a farewell note, Karp said the move comes "after months of reflection" on his personal ambitions. His planned departure was reported earlier Monday by the New York Times.

Why it matters: Retaining key talent will be a key challenge for Oath, the Verizon unit in charge of the former AOL and Yahoo properties.