In an unexpected revelation, Instagram founders Kevin Systrom and Mike Krieger announced on Monday that they will be leaving the company, while not mentioning any specific reasons behind their decision. The two executives who started the photo-sharing service eight years ago are walking away from their current roles of CEO and CTO, respectively. While Everybody at Facebook seems stunned by the decision, a new report claims that the social media giant might already have a candidate ready for filling in the position of the company CEO. Also Read - Instagram increases time limits on livestreams to 4 hoursAlso Read - Facebook Cloud Gaming service now out for Android, Web but iPhone users need to wait
According to a report from The Information, Facebook could very well be looking at appointing Adam Mosseri, current VP of Product, as the new head of Instagram. He has reported to be working with Facebook for about 10 years and used to head Facebook s News Feed and Interfaces product management teams before being transferred over to Instagram. On the little chances of Facebook finding a much more eligible candidate, the report states that the company could be announcing the news soon. Also Read - Facebook will now make money from WhatsApp's in-app purchases
While the reason behind the departure of the co-founders wasn t mentioned, people close to the matter stated it to be an outcome of constant clashes between the two executives and Facebook s leadership team. Mark Zuckerberg wanted to integrate Instagram better with Facebook in order for both companies to leverage from each other s resources. However, the Instagram s founder wanted to operate more independently and constantly resisted Facebook s attempt in doing so. Under Mosseri leadership though, Facebook might find it easier to integrate its services with Instagram
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Facebook acquired Instagram in 2012, for $1 billion. At that moment. the company seemed to have only have about 25 million users. Now however, the photo-sharing service has grown to have 1 billion active users. Over the years, Instagram has also become one of the main sources of ad revenue for Facebook.