Bitly [3] CEO Peter Stern [4] has stepped down from the startup after about a year on the job, according to a short statement on the company's blog that he "has resigned to pursue other interests."

“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 [5] raised $15 million in its last funding round but as TechCrunch noted [6], the link-shortening company's attractiveness to investors has cooled as other service and Twitter itself [7] have made Bitly less revolutionary than it once was.

Details to come, we're sure. So stay tuned.