Linden Lab CEO Rosedale to step down

Linden Lab's chief executive and founder Philip Rosedale has said that he is stepping down to make way for a new CEO with more operational and management expertise.

According to report by Reuters, Rosedale intends to stay with the company working on product development and strategy, as well as taking the position of chairman of the board.

"This is my life's work," said Rosedale. "I'm not going anywhere, and I'm still full-time on this, probably for the rest of my life."

The company said that the change is not a prelude to sale or a public offering, but Mitch Kapor, the company's largest investor, has said that Linden Lab is considering an IPO in the future.

"We always knew this was a long-term project, operating on a different time frame from (other) venture-backed startups... it will make sense to go public but there's no rush to that," commented Kapor.