Share Name Share Symbol Market Type
Facebook, Inc. NASDAQ:FB NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +$0.00 +0.00% $160.47 $160.55 $160.62 - - - 0 00:00:00

Two Top Facebook Executives Leaving Company--2nd Update

14/03/2019 9:28pm

Dow Jones News

Facebook (NASDAQ:FB)
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By Jeff Horwitz 

Two Facebook Inc. senior executives said Thursday that they would leave the company -- surprise departures that come days after CEO Mark Zuckerberg announced a major shift in direction for the company.

Chris Cox, who is chief product officer and considered a confidant of Mr. Zuckerberg, said he decided to leave the company, as did Chris Daniels. Mr. Daniels last year was named head of the WhatsApp unit.

Facebook also announced a broader restructuring of its product team, marking the second time it has done so in less than a year.

Mr. Zuckerberg last week said he wanted to reorient the company to focus more on private messaging and communications, rather than public sharing.

Mr. Cox, who was hired as one of Facebook's early engineers, is a close friend of Mr. Zuckerberg's and was considered by many to be the CEO's most likely successor. In May, when he was elevated to chief product officer, he was put in charge of the company's three main platforms, Facebook, Instagram and WhatsApp.

While Mr. Cox didn't explicitly state a reason for his departure, he said Facebook's pivot to encrypted, interoperable messaging would benefit from different leadership.

"This will be a big project and we will need leaders who are excited to see the new direction through," he wrote.

In his statement, Mr. Cox thanked Mr. Zuckerberg for "creating this place, and for the chance to work beside a dear friend for over thirteen years."

Mr. Zuckerberg said he wouldn't be immediately replacing Mr. Cox, but instead will have individual executives oversee each app as part of the new structure.

Fidji Simo will oversee the Facebook app, and Will Cathcart will succeed Mr. Daniels as the head of WhatsApp. Both executives, along with current Instagram chief Adam Mosseri, will report to Mr. Zuckerberg directly, while the company's chief marketing officer, Antonio Lucio, will report directly to Sheryl Sandberg. Mr. Zuckerberg also said Javier Olivan would oversee integrating messaging and direct "where our apps should be more integrated."


(END) Dow Jones Newswires

March 14, 2019 17:13 ET (21:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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