The URL shortening company announced Peter Stern's resignation Monday in a cryptic blog post.
'Tis the season for high-profile resignations. From Pope Benedict XVI to Groupon CEO Andrew Mason, the Internet has been abuzz with news of one resignation--or sacking--after another.
Peter Stern, CEO of the URL shortening company Bit.ly, appears to be the most recent addition to a growing list of commanders-in-chief who have stepped down lately.
Bit.ly announced in a cryptic blog post Monday that Stern would be leaving the company to "pursue other interests." This statement has created speculation as to what interests Stern may be pursuing--and what his motivation for leaving the company might be.
After all, it seems like a strange time for the CEO to step down: Bit.ly has raised more than $25 million, closing its most recent round of funding with $15 million in July.
One popular theory suggests that Bit.ly may have run out of momentum after the URL shortening market grew to incorporate other service providers. TechCrunch’s Drew Olanoff writes: "Bit.ly has cooled off since services like Twitter have started handling their own short URLs."
"To be delicate, link shortening is a feature" and not a company, adds Alex Wilhelm of The Next Web.
Bit.ly board member Sam Mandel announced in the company’s statement that Stern would remain a "shareholder and a supporter" though not necessarily an operating influence. "Peter has been a key leader and contributor to the company," said.
FRANCESCA FENZI reports on entrepreneurship, technology and small business news from San Francisco. Her work has previously appeared in TIME, USA Today, Pop City and The Northside Chronicle. @FrancescaFenzi