Facebook names its new head of Instagram

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 led the company’s News Feed division. Mosseri will take the reigns at Instagram effective immediately, an Instagram spokeswoman told CNBC.

“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.

Systrom and Krieger announced their resignations from the company last week, more than six years after Facebook acquired the company they founded for $1 billion. Their departures came after growing frustrations with Facebook Chief Executive Mark Zuckerberg due to increasing interference with the direction of the photo-sharing app, according to various reports last week.

Mosseri has climbed the ranks of the social network giant since joining the company as a product designer in 2008. During his time with Facebook, Mosseri has also served as design director for the company’s mobile apps and later leading the News Feed division. He has been Instagram’s head of product since May.

“I’m humbled and excited about the opportunity to now lead the Instagram team,” Mosseri said in a statement.

Shares of Facebook are down a little more than 1 percent on Monday.