Instagram co-founders Kevin Systrom and Mike Krieger announced Monday that Adam Mosseri, the photo-sharing service’s current vice president of product, has been tapped as head of the platform.
The appointment is effective immediately, Instagram announced in a statement. Mosseri joined Facebook (FB), the parent company of Instagram, in 2008 and worked on teams including mobile and news feed.
Mosseri takes the helm of Instagram a week following Systrom’s and Krieger’s resignations. The co-founders’ departures were reported to have come amid tensions with Facebook CEO Mark Zuckerberg about the direction of the social media platform.
“Since we announced our departure, many people have asked us what we hope for the future of Instagram,” Systrom and Krieger said in a statement. “To us, the most important thing is keeping our community — all of you — front and center in all that Instagram does. We believe that Adam will hold true to these values and that Instagram will continue to thrive.”
Facebook made its first billion-dollar purchase in acquiring Instagram for $1 billion in 2012. The platform, launched in 2010, has been seen as a major growth engine for Facebook. Although Facebook doesn’t break out Instagram’s revenue, it has been estimated that the division will generate about $8 billion in revenue in 2018, according to EMarketer data. If it were a stand-alone company, Instagram is estimated to be worth $100 billion, according to estimates from Bloomberg Intelligence.
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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck.
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