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

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

In addition to Cox's departure, Chris Daniels, the head of WhatsApp, is also leaving the company.

Facebook's top executive in charge of all products, Chris Cox, the longtime confidant of CEO Mark Zuckerberg, is leaving the company, the highest-level departure at the social media giant amid almost two years of sustained crises.

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. Instead, the managers of Facebook's apps - which include the flagship Facebook app, Instagram, Messenger and WhatsApp - will report directly to Zuckerberg.

Facebook, which has been embroiled in a series of scandals, is losing two more top executives as it focuses on building a more "privacy-focused social platform".

Mr Cox was one of Facebook's first software developers and one of the chief architects of the news feed, the cascade of Facebook posts that is the company's most lucrative source of advertising.

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Fidji Simo, head of video, games and monetization, will be the new head of the Facebook app, Mark Zuckerberg said in a blogpost. Longtime Facebook executive Will Cathcart will take over Daniels' job running WhatsApp. These apps have been distinct until recently, when Zuckerberg announced plans to unify them under with a new focus on privacy. "But after 2016, we both realized we had too much important work to do to improve our products for society, and he stayed to help us work through these issues and help us chart a course for our family of apps going forward", Zuckerberg wrote.

These two departures come on the heels of founding-executive departures at Facebook-owned Instagram and WhatsApp a year ago. Instagram co-founders Kevin Systrom and Mike Krieger, WhatApp's Brian Acton and Jan Koum and Oculus co-founder Palmer Luckey have also departed.

"Embarking on this new vision represents the start of a new chapter for us", Zuckerberg said in describing the changes amid a new direction in company strategy outlined by Zuckerberg last week.

Numerous changes Zuckerberg outlined involve duplicating some of WhatsApp's features in Facebook's other messaging apps.

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