Facebook on Monday announced Adam Mosseri will take over as the head of Instagram following the sudden resignations of co-founders Kevin Systrom and Mike Krieger last week.
Mosseri has been Instagram's head of product since earlier this year and previously lead the company's News Feed division.
"We are thrilled to hand over the reins to a product leader with a strong design background and a focus on craft and simplicity -- as well as a deep understanding of the importance of community," Systrom and Krieger said in a statement.
Shares of Facebook are down a little more than 1 percent on Monday.
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