Matthew Bracco
Staff Writer
Instagram’s co-founders, Kevin Systrom and Mike Krieger, are choosing to resign, which may be a troubling signal for Facebook, who owns the app.
Kevin Systrom, Instagram’s chief executive, and Mike Krieger, it’s chief technology officer, have resigned and plan to make their departure in the coming weeks. “We’re planning on taking some time off to explore our curiosity and creativity again,” Systrom said. “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.”
Instagram was purchased by Facebook in 2012 for $1 Billion. However, Facebook has been on a continuous downward spiral. Facebook’s stock hit a peak low in July after it’s second-quarter earnings report showed slowed revenue growth and they haven’t necessarily recovered from that drop yet.
Facebook had barely any new users since their second-quarter and actually lost some users in Europe and Canada. Investors are worried about the future of Facebook, and Instagram’s co-founders making an exit does anything but aid Facebook’s growth. According to the Wall Street Journal, Instagram’s co-founders battled with Facebook leadership, including Zuckerberg. One person familiar with the matter told the Journal the relationship had become “tense” in recent months.
“Kevin and Mike are extraordinary product leaders and Instagram reflects their combined creative talents,” Zuckerberg said in a statement. “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.” Although their ties are cut, Systrom and Krieger remain “excited” for the future of both Instagram and Facebook.
