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Bitly CEO Peter Stern Steps Down

In a mysterious blog post, the company said the CEO was leaving to "pursue other interests."

Bitly CEO Peter Stern 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 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.