Instagram appoints new CEO after co-founders shock departure

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Instagram has appointed a new chief executive after the shock departure of its co-founders Kevin Systrom and Mike Krieger last week.

The social platform, which is owned by Facebook, has appointed Adam Mosseri to head up the company effective immediately.

Mosseri joined Facebook in 2008 and held various roles including vice president of product management, before joining the Instagram team as head of product in May this year.

“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 stated.

This follows news last week that the two co-founders were to abruptly depart from the tech giant.

It is understood that the pair, who sold Instagram to Facebook for £1 billion in 2012 but stayed on to lead the company, were frustrated with Facebook’s increasing interference in their operations.

Last month it was revealed that Instagram is working on a standalone shopping app, revealing weeks later that it would also add a shopping tab to its “explore” page.

These initiatives lay bare Instagram’s ambition to expand its reach in the lucrative online shopping market.

Facebook chief operating officer Sheryl Sandberg said: “Instagram is a business’s visual shop on mobile, and we’re seeing more people seek out businesses there.

“About two-thirds of the visits to Instagram business profiles are from people who don’t yet follow them. This is how many businesses are finding new customers.”

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