Linden Lab today revealed to Reuters that Philip Rosedale will be stepping down from his role as CEO. The company behind Second Life is currently looking for someone to come in with more management expertise at the former start-up.

Rosedale will replace Mitch Kapor as chairman for Linden Lab as soon as his successor is appointed. "This is my life's work," he told Reuters in a phone interview. "I'm not going anywhere, and I'm still full-time on this, probably for the rest of my life."

Kapor, who will remain on the board after stepping down as chairman, added that this management change is not a sign that the company's stock would go public. He openly acknowledged that an IPO still might happen.

"The company has the type of financial performance that if it wanted to it could become a public company," said Linden venture backer Bill Gurley of Benchmark Capital, who happens to sit on the Linden Lab board. "I certainly think at some point in the future -- and I'm certainly not announcing anything new here for the next 12 months -- that's on the company's ambition plan."