Saturday, 23 March, 2019

Facebook Stock Dips in After-Hours Trading After Latest Executive Departures

Facebook Facebook product chief leaving Facebook Chris Cox leaving Chris Facebook leaving Facebook privacy Facebook issues Facebook CEO Facebook CEO Mark Zuckerberg Facebook news Neither Cox nor Zuckerberg specified what led to their split
Orlando Vargas | 15 March, 2019, 12:37

These apps have been distinct until recently, when Zuckerberg announced plans to unify them under with a new focus on privacy.

Neither Cox nor Zuckerberg specified what led to their split.

"It is with great sadness I share with you that after thirteen years, I've made a decision to leave the company", Cox wrote in his post.

Cox, a longtime employee who was responsible for overseeing Facebook's family of apps, noted in his own Facebook post that the company is "turning a new page" in its product direction, focused on an encrypted, interoperable, messaging network.

In his post, Zuckerberg announced further reorganization of the company's top ranks and the departure of Chris Daniels, another executive who ran Internet.org, the company's philanthropic project to promote global internet access, and was recently promoted to lead WhatsApp. A filing with the Securities and Exchange Commission shows that Cox informed Facebook about his intended departure on March 11, just five days after Zuckerberg made his privacy plan public. It also means that Zuckerberg will seize control of Facebook's key products by making the leaders of its most important properties like Facebook, Instagram, and WhatsApp report directly to him-at least for the near term.

In addition to Cox, Zuckerberg also said on Thursday that Chris Daniels, vice president of WhatsApp, is stepping down. This is an important change as we begin the next chapter of our work building the privacy-focused social foundation for the future.

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Facebook is not appointing anyone to replace Chris Cox at this time.

Facebook isn't hiring another executive to replace Cox.

However, the latest exits are potentially more troubling, as Mr Cox and Mr Daniels were members of Mr Zuckerberg's tight-knit group of allies.

Daniels has been at Facebook almost nine years, and previously led the company's Internet.org effort, a project aimed at bringing internet access to developing countries.

Facebook's social network and Instagram photo app won't change, and will remain available for sharing places, adventures and minutiae with a broader audience.

The departures follow the resignations of Instagram founders Kevin Systrom and Mike Krieger and WhatsApp's co-founder Jan Koum previous year.

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