Instagram co-founders Mike Krieger and Kevin Systrom are reportedly resigning from their respective positions as CTO and CEO of the biggest image and video sharing platform Instagram. The Facebook-owned company has seen dramatic growth in the recent years, avoiding all the headaches faced by its parent company.
Systrom confirmed the step down through a blog post after the New York Times reported speculations about the duo’s exit. Systrom wrote in the post that he along with Krieger are planning a time off from work “to explore our curiosity and creativity again.”
Systrom and Krieger are fellow Stanford alumni who started Instagram in 2010. The social media giant, Facebook, added Instagram in its child companies for $1 billion in 2012. Since then, the Instagram community has grown to a staggering 1 billion-plus monthly users.
What The Co-Founders Have To Say?
Krieger and Systrom notified Facebook and Instagram’s leadership team on Monday about their decision of stepping down from their respective posts.
Systrom wrote, “Mike and I are grateful for the last eight years at Instagram and six years with the Facebook team.” He further added, “We’ve grown from 13 people to over a thousand with offices around the world, all while building products used and loved by a community of over one billion. We’re now ready for our next chapter.”
He further went on to mention the curiosity to know about new things and how he and Krieger are designing something new. Systrom further wrote, “We’re planning on taking some time off to explore our curiosity and creativity again. Building new things requires that we step back, understand what inspires us and match that with what the world needs; that’s what we plan to do.
We remain excited about the future of Instagram and Facebook in the coming years as we transition from leaders to two users in a billion. We look forward to watching what these innovative and extraordinary companies do next.”
Facebook CEO, Mark Zuckerberg On the Decision
Mark Zuckerberg, founder and CEO of Facebook, welcomed their decision. He said, “Kevin and Mike are extraordinary product leaders and Instagram reflects their combined creative talents. I’ve learned a lot working with them for the past six years and have really enjoyed it. I wish them all the best and I’m looking forward to seeing what they build next.” An Instagram representative confirmed the news but denied any further comments about who will manage the day-to-day work after the co-founders’ exit.
Instagram has been Facebook’s fastest revenue generator in recent times. Initially starting as a photo-sharing app, now lets users post stories, videos, slideshows, and use many other features. According to EMarketer reports, Instagram is likely to earn over $8 billion at the end of 2018. All this revenue is the result of the increased advertising on the photo-sharing app. Facebook COO Sheryl Sandberg, while addressing investors on the earnings call of July, said that Instagram is a home to 25 million business profiles and over 2 million advertisers. She also explained for Instagram has become the key contributor to the parent company’s growth
Despite being under one development, Facebook and Instagram operate differently and barely promote each other on their platforms. However, since regulators have pushed Facebook to enhance individual privacy, stop fake news or misinformation, and fight social media addiction on their platform, the leaders of other units under Zuckerberg have been in more pressure to monitor social platforms beyond their core.
A few months ago, Jan Koum, co-founder of the messaging app WhatsApp, also left Facebook, forcing Mark Zuckerberg to reshuffle all the executive ranks and let his ally and also product development head of Facebook’s main app, Chris Cox to monitor the insights of WhatsApp and Instagram. Now, Adam Mosseri, who has been working closely with Zuckerberg from a decade at the News Feed section of Facebook has become the head of product of Instagram.