Outgoing Instagram founders tab Facebook vet as new leader

Oct. 2 (UPI) -- Instagram has chosen a new leader who will begin hiring an executive team to replace the social giant's co-founders, who resigned last week.

As their last official act, outgoing Instagram CEO Kevin Systrom and CTO Mike Krieger announced the hiring of Facebook veteran Adam Mosseri as the company's next chief. Mosseri was Instagram's vice president of product.

"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 blog post Monday.

The pair resigned last week after clashing with Facebook CEO Mark Zuckerberg, who acquired Instagram in 2012 for $1 billion.

"Since we announced our departure, many people have asked us what we hope for the future of Instagram," Systrom and Krieger wrote. "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."

Mosseri most recently worked as Instagram's head of product. He joined Facebook in 2008 and worked on its mobile product and news feed before moving to Instagram.

"Adam will oversee all functions of the business and will recruit a new executive team including a head of engineering, head of product and head of operations," Systrom and Krieger wrote Monday.

Shares of Facebook (Nasdaq: FB) were slightly down in early trading Tuesday.