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Facebook Stock Falls As Two Execs Leaving – Investor's Business Daily

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Facebook stock fell in after-hours trading Thursday, follow an announcement that two executives were leaving the company.




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In a post on Facebook, Chief Executive Mark Zuckerberg announced that the company’s Chief Product Officer, Chris Cox, has resigned. Zuckerberg also announced that Chris Daniels, vice president of the Facebook messaging app WhatsApp, is also leaving.

Facebook stock dropped 1.6%, near 167.40, during after-hours trading on the stock market today.

“I’m sad to share the news that Chris Cox has decided to leave the company,” Zuckerberg wrote on Facebook. “Chris and I have worked closely together to build our products for more than a decade and I will always appreciate his deep empathy for the people using our services and the uplifting spirit he brings to everything he does.”

Early Hire For Facebook

Cox was one of Facebook’s earliest hires as an engineer, ultimately working on several key products, including News Feed. Most recently, he oversaw the strategy for all of Facebook’s apps.

In announcing the departure of Daniels, Zuckerberg said: “Chris has also done great work in many roles, including running our business development team, leading Internet.org, which has helped more than 100 million people get access to the internet, and most recently at WhatsApp, where he has helped define the business model for our messaging services going forward.”

Will Cathcart, vice president of product management, will succeed Daniels at WhatsApp. Facebook did not name a replacement for Cox.

The resignations come a day after it was reported by the New York Times that Facebook is under criminal investigation by federal prosecutors over data deals with electronics manufacturers. The personnel moves also come a day after Facebook stock was down for much of Wednesday due to server-related maintenance issues.

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