Phil Libin is stepping down as executive chairman of digital note-keeping service Evernote, Fortune has learned. Also leaving the company’s board of directors will be Max Levchin, the former PayPal executive who has been with Evernote for more than a decade.

Evernote spokesman Greg Chiemingo confirmed both pending moves, adding that the full board would meet later this week to discuss possible additions.

Libin joined Evernote as CEO after it launched in 2007 but is credited as a company co-founder. He helped the Silicon Valley company grow to more than 150 million users and a valuation north of $1 billion. Last year he transitioned to the executive chairman role so that former Google executive Chris O’Neill could take over as CEO. At the time, Libin said that Evernote needed a “professional CEO… who is going to be better than me at it.” He would then go on to join venture capital firm General Catalyst as a partner, while retaining his Evernote responsibilities.

Fortune has reached out to Libin for comment, but has not yet heard back.

Update: Through a General Catalyst spokesperson, Libin emailed over the following statement: “I joined General Catalyst just about a year ago and have been spending the vast majority of my time immersed in new technologies like conversational UX. With a very strong team in place at Evernote, I am confident in the direction of both the product and the company. It feels like the exact right time to focus what I’m most enthusiastic about: working with early stage teams that are solving problems in new ways.”