“Peter has been a key leader and contributor to the Company,” said Bitly Board member Sam Mandel in a statement. “In particular he has been instrumental in transforming Bitly into a successful business while growing its unparalleled data set. We are very happy that he will remain a shareholder and supporter.”
Bitly  raised $15 million in its last funding round but as TechCrunch noted , the link-shortening company's attractiveness to investors has cooled as other service and Twitter itself  have made Bitly less revolutionary than it once was.
Details to come, we're sure. So stay tuned.