Facebook does its biggest-ever management reshuffle and embraces blockchain

09 May, 2018, 08:07 | Author: Dwayne Harmon
  • Facebook does its biggest-ever management reshuffle and embraces blockchain

Kevin Weil, head of product at Instagram, is leaving that job to join Facebook's blockchain division, and Adam Mosseri, head of the Facebook News Feed, will succeed Weil at Instagram.

Facebook announced a massive revamp of its organization, which involved appointing new leaders for WhatsApp, Messenger, and Facebook's core app.

Facebook confirmed Tuesday that it is shuffling the executives in charge of its most popular applications and shifting some top talent to work on new ventures like blockchain.

According to Recode, these latest changes at Facebook represent the "biggest executive shakeup in its 15-year history".

Facebook confirmed the specifics of the reorganization. He also departed Facebook, leaving almost $1 billion in unvested stock on the table.

"After almost four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge", Marcus wrote in a Facebook post, "I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch".

A look at Iran's nuclear program under 2015 deal
That appeared to be a nod to Europe, which has struck a series of business deals with Iran since the landmark 2015 nuclear deal . Meanwhile, businesses and banks doing business with Iran will have to scramble to extricate themselves or run afoul of the U.S.

Chris Daniels, who has been in charge of a Facebook effort to expand Internet access, will be the head of WhatsApp, succeeding Jan Koum, the WhatsApp co-founder who quit the company last week.

Koum's departure and Tuesday's shuffle come as Facebook is reeling from a data scandal that affected tens of millions of Facebook users when the political firm Cambridge Analytica exploited a loophole on the social media platform.

The second category is some of the more experimental stuff Facebook is working on. Andrew Bosworth will oversee AR and VR, while Jerome Pesenti is leading AI. The third will be centered on ads, personnel, security and growth. Those three sections are being led by Mark Rabkin, Alex Schultz, and Naomi Gleit respectively. Marcus stays to the board supervisors of Coinbase, a market to get cryptocurrency (which employs the block-chain as its underlying technology), also joined Facebook from pay pal in 2014.

"This is an important time for Facebook as we take a broader view of our responsibility, and Jeff's experience will help us navigate the challenges we face", said Zuckerberg.

The product and engineering groups are being reorganized into three main divisions, Recode reports.

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