According to a new report, Linden Labs' Philip Rosedale has announced he will be stepping down as the Second Life developer's CEO to become chairman of the board, seeking a replacement with "more operational and management expertise."

According to an exclusive Reuters report, Rosedale will replace current chairman Mitch Kapor, who will stay on as a board member, and, Reuters notes, the company’s largest investor.

A former RealNetworks CTO, Rosedale told Reuters he was "not going anywhere, and I’m still full-time on this, probably for the rest of my life,” adding he would continue to work full time on Second Life product development and strategy.

Kapor told Reuters the move "was not precipitated by a crisis,” and said the move was not meant to imply a pending sale of the company, but said taking the company public was "an option under consideration."