Shara Tibken/CNET

David Karp, the founder and CEO of social network Tumblr, has resigned.

The move comes in the aftermath of Verizon's deal to buy Yahoo earlier this year, which resulted in the creation of Oath. Yahoo bought Tumblr for $1.1 billion in 2013.

Letter I just sent to my team ♥️ https://t.co/3Vsv3ROuhf — David Karp (@davidkarp) November 27, 2017

In 2013, at the time of the Yahoo deal, it was revealed that Karp would be paid $110 million over a four-year period -- taking us up to the present day -- provided he remained an employee of the company. Karp's future plans are unknown.

According to a statement posted on Twitter, Tumblr's Chief Operating Officer Jeff D'Onofrio is stepping into the role of CEO. No word on if this will be a permanent replacement.

"David founded Tumblr 10 years ago as a space for the world's creators, and we thank him for his commitment and passion driving the growth of the platform to almost 380 million blogs and over 155 billion posts," an Oath spokesperson said in a statement. "Going forward, Jeff D'Onofrio, President and COO of Tumblr, will continue to lead the team."