BuzzFeed chairman Ken Lerer is stepping down after ten years serving on the company's board.

Axios reported Tuesday that Lerer, who also left the board of Viacom earlier this year, told the board last week he is stepping away from the media publishing company in order to spend more time investing in new media firms through his New York venture capital firm, Lerer Hippeau Ventures.

ADVERTISEMENT

Lerer's departure comes at a tumultuous time for BuzzFeed, which axed 15 percent of its company-wide workforce earlier this year amid a reorganization of the company. The site's news division has also been in a months-long battle with company leadership over unionization, which resulted in a walkout by staff members earlier this month.

Before joining BuzzFeed, Lerer previously co-founded The Huffington Post, now known as HuffPost, in 2005 alongside Arianna Huffington.

Axios reported that BuzzFeed has not yet decided whether his position will be filled again.

Jonah Peretti, who co-founded both BuzzFeed and The Huffington Post with Lerer and Huffington in 2005, remains at BuzzFeed as the company's CEO.