ReachLocal Inc. on Tuesday announced the resignation of Zorik Gordon as chief executive and his replacement by Chairman David Carlick, who will serve as interim chief executive.

Gordon was a co-founder of the Woodland Hills company, which sells Internet advertising services to small and medium-sized businesses. He said he is leaving to pursue other entrepreneurial opportunities. He has served as chief executive since 2003.

“I am extremely proud of the company we have built over the last 10 years,” he said in a statement. “We have grown from a small one room start-up to a global company with more than 20,000 customers and a run-rate of over $500 million in annual revenue.”

Carlick is a partner at Rho Capital Partners, a New York investment fund. He co-founded DoubleClick, an Internet advertising company acquired by Google Inc. in 2007 for $3.1 billion. He has held a seat on ReachLocal’s board since 2004.

Shares of ReachLocal closed Tuesday down 18 cents or 1.6 percent at $10.80 in trading on the Nasdaq.