Instagram co-founders announce resignation, talk about new project

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Instagram co-founders announce resignation, talk about new project

Instagram co-founders Kevin Systrom and Mike Krieger have announced that they are going to be quitting the company. The 34-year-old Systrom is Instagram's CEO while the 32-year-old Krieger is the company's CTO (Chief Technical Officer).

The duo made the announcement on Monday to concerned parties across both Facebook and Instagram. Systrom and Krieger haven't, however, given the reason for their leaving the company although they have stated that they are going to be working on a new project together.

"We're planning on taking some time off to explore our curiosity and creativity again. Building new things requires that we step back, understand what inspires us and match that with what the world needs; that's what we plan to do," Systrom said.

He also added, "We remain excited for the future of Instagram and Facebook in the coming years as we transition from leaders to two users in a billion. We look forward to watching what these innovative and extraordinary companies do next."

Systrom was the person who had devised and created the software platform for Instagram. Both got acquainted with each other in 2010 and teamed up to furnish Systrom's concept further. The two eventually launched Instagram in October 2010. About two years later, in 2012, Facebook acquired Instagram for about $1 billion paid through both stock and cash.