Both Instagram's cofounders are quitting after reported 'tensions' with Mark Zuckerberg

Virginia Carson
September 26, 2018

Facebook will likely appoint Adam Mosseri, now Instagram's head of product, as the new chief executive of Instagram with the departure of the photo- and video-sharing service's co-founders, according to a report.

Instagram founders CEO Kevin Systrom and CTO Mike Krieger announced Monday they would be leaving the Facebook-owned company.

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Instagram has been one of Facebook's most successful acquisitions. We've grown from 13 people on the team to over a thousand with offices around the world, all while building products used and loved by a community of over one billion.

Mr Systrom, chief executive, said they were departing to "explore our curiosity and creativity again".

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Systrom, 34, and Krieger, 32, informed the photo-sharing app's leadership team and Facebook of their decision on Monday.

The co-founders of Instagram are resigning their positions with the social media company without explanation. "I've learned a lot working with them for the past six years and have really enjoyed it".

Instagram's cofounders are leaving the company. Once upon a time, Instagram's association with Facebook was no doubt a coup; these days, you get the feeling that anything associated with Facebook wants to slide down a seat or two, like a teenager embarrassed of her uncool mom.

Instagram has over 1 billion active monthly users, a sharp rise from the 30 million users when Facebook bought the app.

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Zuckerberg described the two as "extraordinary product leaders" and said he wished them all the best and was looking forward to seeing what they build next.

Founded in 2010 by Systrom and Krieger, who met at Stanford University, in California, Instagram rapidly gained popularity as an iPhone-only photo-sharing service with a focus on square images tweaked with various colour filters.

Analyst Anmuth estimates Instagram will haul in $7.5 billion in revenue this year, more than double from a year ago-and roughly 14% of Facebook's ad revenue in 2018. Koum had signaled years earlier that he would take a stand if Facebook's push to increase profits risked compromising core elements of the WhatsApp messaging service, such as its dedication to user privacy. Bloomberg reports that the departure comes amid increasing friction between the pair and Facebook CEO Mark Zuckerberg. "In the near term, we expect Facebook shares to come under meaningful pressure from the departures".

It's true that both apps are competing for people's attention, but even if Instagram's user experience declines in the wake of Systrom's and Krieger's exit, users aren't automatically going to defect for Snapchat.

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